Hyderabad: The Cyberabad Economic Offences Wing (EOW) police have arrested an ex-serviceman accused of defrauding multiple individuals of ₹4.48 crore under the guise of investment schemes offering high monthly returns.
Jetendra Kumar Choubey, a retired electrician from the Military College in Tirumalagiri, Secunderabad, was apprehended in New Delhi on May 21 after evading arrest for several months. Originally from Bihar, Choubey had settled in Bollaram, Hyderabad, following his retirement in 2018 and soon began establishing local business ventures to lure unsuspecting investors.
According to EOW officials, Choubey launched three entities – J.K. Enterprises, Soumya Sri Hospital, and Karthik Logistics – in Alwal, Secunderabad. He marketed these ventures as legitimate businesses and promised investors attractive monthly returns of 5 per cent on their deposits.
Gaining the trust of residents, particularly fellow ex-servicemen, Choubey managed to collect nearly ₹4.5 crore. Initially, he paid the promised returns, but by December 2024, he ceased payments, shut down his operations, and went into hiding.
The complaint was filed by Chandrawati Devi of Bollaram, who had deposited ₹2 lakh in the schemes. Following her report, the Cyberabad EOW initiated an investigation, leading to Choubey’s arrest.
The EOW has urged the public to exercise caution before investing in schemes that promise unusually high returns. They advise verifying the legitimacy of firms and reporting any suspicious activity to local authorities or the Economic Offences Wing.
The investigation is being led by Assistant Commissioner of Police S. Murali Krishna under the supervision of Deputy Commissioner of Police K. Prasad.