Hyderabad Man Held For Cheating Investors In Adilabad

ADILABAD: Adilabad police on Saturday arrested Konathala Chandrashekar from Hyderabad for allegedly duping people in Adilabad district by promising double returns on investments, police said.

Police said Chandrashekar was the organizer of Unique SMCS. Jainad police registered a case against him based on a complaint filed by Dandekar Anandrao of Belgaon in Jainad mandal.

Adilabad DSP Jeevan Reddy said six cases have been registered against Chandrashekar in Adilabad district. He allegedly collected deposits of Rs 19 lakh from 40 people through his representatives.

Police also arrested him under Section 5 of the Telangana State Financial Institution Depositors Protection Act.