The District Crime Branch police have registered a case against three persons, including a woman, on charges of cheating and other criminal offences on Saturday.
Following a complaint from Sheik Mohamed, 51, of Periyakulam, Superintendent of Police Shiva Prasad directed the police to register a case.
According to the complainant, he invested his savings with a company, which offered to give monthly returns of ₹33,000 to ₹1,29,000 on investments ranging from ₹10 lakh to ₹25 lakh. The company functioned in Hyderabad and Hakeem was the managing director, while his son Ahmed Shabeer and his wife Sabia Begum were directors.
Preliminary inquiry revealed that the complainant was related to the accused.
It is said that after some years, the accused and his family shifted to Madurai. They claimed to have started a new scheme, which offered ₹900 for 45 days on an investment of ₹one lakh and subsequently returned the investment as well.
Believing it, the complainant had mobilised ₹1.67 crore from 20 people, including some relatives and friends, and paid it to the accused through bank and also by way of cash.
Investigations showed that the accused had given some returns to the ‘investors’, which stopped subsequently. Hence the complaint.
The police have registered a case under IPC Sections 417, 420, 120 (b), among others and are investigating into the crime.
