Man escaped with Rs. 8 crores

Hyderabad, March 18: A man held for cheating the public by offering an excess of interests, when they invest the money in share markets.The incident has occurred in the surroundings of Kukatpalli housing board colony.

While coming to details, Maanam Koteshwar Rao was a resident of Malaysia township in KPHB, who got well interaction with friends and neighbors in the colony.

Firstly, He asked the all the residents to put the investments in sharemarkets, later they will get more profits.Hence, he collected 3 lakhs from some o the residents and given 4 lakhs to them by saying profits.

The neighbors got believed him, hand after have invested the huge amounts, given to Rao.After few days, He got disappeared on March 6 and switched off his mobile, when the victims called to him.The victim has realized about the scam and given a complaint to the KPHB Police.

"The Rao has created the 18 victims and escaped with Rs.8 Crores. Already, We have started the investigation," CI Kushalkar said.