Scam exposed in Adilabad as accused arrested for collecting crores with promise of high returns

Adilabad: Police have arrested the prime accused in a massive investment scam exposed in Adilabad, in which people were allegedly lured with promises of high returns. The accused allegedly collected money to the tune of ₹7-8 crore from 2,000 people in Adilabad in the name of investments.

The accused allegedly operated under the guise of unique institutions to collect huge sums from the public. Police have registered 14 cases in Telangana in connection with the scam, and their initial estimate puts the number of victims nationwide at around 10,000.

Hotels, lands and plots bought with collected money

Investigations have revealed that the accused purchased hotels, lands and plots with the money collected from investors. Police stepped in and arrested the prime accused after the cases came to light.