Businessman detained for cheating NRI of Rs.8 crore

Posted: Posted Date – 8:43 PM, Sat – Mar 5, 22

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Hyderabad: Cyberabad Economic Crimes Wing has arrested a businessman accused of cheating a non-resident Indian out of Rs.8 crore under the guise of investments and also threatening him.

Police said the suspect, Kumar Srinivas Varma alias Srinivas Varma, who owned a wall painting and flooring business in Madhapur, promised good returns on investment and made the victim invest Rs 3 crore in 2019.

Eventually, due to the pandemic, the company suffered losses and Varma then asked the victim to buy more shares and become a director of the company. Following this, the NRI invested nearly Rs.5 crore and was appointed as one of the trustees.

“The suspect, along with his associates, conspired and deceived the complainant and attempted to have him resign from management by unlawful means. Varma also embezzled company funds for personal gain,” police said, adding that when questioned about this, the victim was kidnapped and assaulted. He then contacted the Madhapur Police, who transferred the matter to the EOW.

Based on technical evidence, Varma was arrested.

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