In recent months, such cases were reported more from the older parts of Hyderabad. In a majority of these cases, women callers convince people to make the investments and later dupe them.
Published Date – 25 March 2024, 11:35 PM
Hyderabad: With the police cracking down on unregistered companies luring people with high profits on investments in live-stock businesses and properties, the conmen are now adopting a new modus operandi to continue with their activities.
In recent cases, it was noticed that the gangs are operating without any office premises, and in some cases, women are roped in to lead and execute the well-planned fraud.
The masterminds are also supported by a battery of law professionals, local leaders, and sometimes former rowdy sheeters.
These conmen lure people with high profits on investment into livestock business, real estate investment, automobile business, and other small businesses and collect amounts. “After collecting money, they pay profits for some months and later stop communication with the investor.
When the investor pressurises for profits, the conmen approach some local leader or police broker and threaten the victims with criminal cases for engaging in illegal money lending business,” Syed Akram, a social worker from the old city, said.
In recent months, such cases were reported more from the older parts of Hyderabad. In a majority of these cases, women callers convince people to make the investments and later dupe them.
“People have invested hard-earned money with the conmen and lost it. Just a handful of victims approach the police because the case drags on for a long time and there is no guarantee of getting the amount back,” Mohd Lateef, a social worker from Tallabkatta, said.
“All financial settlements are done at the offices of local leaders of different political parties. People are aware of the connections of the local leaders and oblige them,” said Abdul Samad, an advocate.
Special team Amjedullah Khan, MBT spokesperson, said the police higher-ups should constitute a special team to probe these cases and apart from arresting the masterminds should also look into their support gangs.
“Unless properties of the persons involved in financial frauds are attached and auctioned, these frauds will continue.
There are also cases where people committed suicide after suffering losses or going to the extent of killing the people,” he said.
When contacted, a senior police official of Hyderabad Police said victims have to come forward and complain at the local police station. “If anyone feels an investigation is not being taken up properly, they can always approach high
