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Hans India
04-07-2025
- Business
- Hans India
Cyberabad EOW nabs couple in Rs 2.11 crore cheating scam
Hyderabad: The Cyberabad Economic Offences Wing (EOW) has arrested a husband and wife duo implicated in a sophisticated cheating and criminal breach of trust case, involving criminal conspiracy that led to the defrauding of victims to the tune of Rs 2.11 crore. The accused allegedly lured individuals with promises of high returns, offering 2% interest on deposits, and also enticed them with backdoor job placements. The arrested individuals have been identified as Panem Ujwala, apprehended in Kandukur, Nellore District, Andhra Pradesh, and Mahesh Panem, arrested in Bangalore. Both are natives of Kandukur and had previously resided in KPHB, Hyderabad. According to police, the arrests followed a complaint filed on 25 June by Purimitla Rathna of SBI Colony, Bowrampet, Bachupally, leading to the registration of a case under relevant sections of cheating and Section 5 of the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act. Police reports indicate that the accused, operating through Christ Properties (OPC) Pvt Ltd at KPHB, enticed customers and investors under the guise of real estate investments. Panem Mahesh served as the director of the company, with his wife Panem Ujwala as the nominee. The couple specifically targeted retired employees, persuading them to invest in their company with the promise of lucrative returns, specifically a 2% monthly interest on their deposits. Mahesh Panem also operated an Agarwood farmland business and is accused of collecting substantial sums from unsuspecting victims through this venture. Furthermore, the duo attracted people by promising to secure backdoor jobs through another firm, Christ Global Technologies Pvt Ltd, also located in KPHB. In total, they allegedly collected Rs 2.11 crore from five depositors through these various schemes, ultimately cheating the victims. The accused were also involved with other firms, namely Shine Solutions and Western Acqua. K Prasad, Deputy Commissioner of Police (DCP), EOW, stated that the accused collected Rs 2.11 crore from five victims, luring them with the promise of attractive returns of 2% interest on deposited amounts. To build trust and provide a semblance of security, the accused issued promissory notes, bank cheques, and Memoranda of Understanding (MOUs) to their victims as collateral. DCP Prasad further revealed, 'After collecting money from the victims, the accused paid monthly returns for a few months; however, they subsequently failed to fulfil their promise, closed their office, and absconded.' Investigations have revealed that the accused are also involved in five additional cases reported across Bachupally, Kollur, Chandanagar, and Madhapur within the Cyberabad Commissionerate limits.
The Hindu
03-07-2025
- Business
- The Hindu
Couple arrested for ₹2.11 crore investment and job fraud in Cyberabad
A couple accused of defrauding multiple people of over ₹2.11 crore through bogus investment and job placement schemes was arrested by the Economic Offences Wing (EOW) of the Cyberabad police. The arrested individuals, identified as Panem Ujwala and Mahesh Panem, both natives of Kandukur in Nellore district of Andhra Pradesh, were taken into custody on July 2. Ujwala was apprehended in Kandukur, while Mahesh was nabbed in Bengaluru. The two had previously lived in KPHB, Hyderabad. According to the police, the couple operated under the guise of running several businesses, including a real estate firm named M/s Christ Properties (OPC) Pvt Ltd, and lured victims, primarily retired employees, with promises of monthly returns of 2% on their investments. Mahesh Panem was the director of the firm, while Ujwala was listed as the nominee. Apart from the real estate venture, the accused also claimed to own an Agarwood farmland business and allegedly offered backdoor job placements through another entity, M/s Christ Global Technologies Pvt Ltd. In total, they are said to have collected ₹2.11 crore from at least five known victims, providing them with promissory notes, cheques, and MoUs as collateral. The initial monthly returns were paid for a brief period, after which the couple allegedly shut down their offices and absconded. The accused are also linked to other firms, including M/s Shine Solutions and Western Acqua, and are involved in at least five additional cases registered at police stations in Bachupally, Kollur, Chandanagar, and Madhapur. The arrests follow a case registered on June 25 under charges of cheating, criminal breach of trust, and criminal conspiracy, along with relevant provisions of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act.
