Managing director of a bogus company V. Kumar Swamy was arrested by the City Police on Wednesday.
Kumar Swamy of Mamulur in Warangal district had started Vedha Agro farms developers at Akkayyapalem in August 2012. He allegedly collected Rs.1.75 crore from 525 gullible investors through various schemes, offering high interest.
Swamy wound up his company in December 2012 after collecting around Rs1.75 crore. One of the victims K. Srinivas lodged a complaint against Swamy at the IV Town police station. Acting on a tip-off, the police arrested Swamy in Narsipatnam area in the district on Wednesday and recovered Rs.32 lakh worth of land documents, 26 gm gold ornaments, three laptops and an LCD monitor from him.