Hyderabad: Two directors of the city-based Delta Cabs were arrested for allegedly duping over 800 investors to the tune of Rs 28 crore and as many as 77 cars were seized from them, the police said.
Sajid Hussain and Ahmed Hussain were arrested for allegedly cheating as many as 844 investors to the tune of Rs 28 crore by making false promises of paying rental or hire amounts after luring them with attractive benefits, Deputy Commissioner of Police (Detective Department) LKV Ranga Rao said.
Sajid Hussain and Ahmed Hussain began a business of providing taxi services from their office in Ramkote. They collected amounts ranging from Rs 1 lakh to Rs 6.50 lakh on different car models from investors promising them returns ranging from Rs 8,500 to Rs 17,000 for sixty months as rentals and hiring amount, the DCP said.
They had also promised to clear bank loans and release vehicles investors, the senior police officer said, adding that after they collected investor's money, they allegedly stopped paying monthly interest payments and cheated investors to the tune of Rs 28 crore.
“They were arrested today and 77 cars of different models, as well as other incriminating documents were seized from them,” Rao said.
