Hyderabad CCS team nabs wanted fraudster from UP

 Hyderabad Central Crime Station (CCS) officials arrested a most wanted fraudster from Ghaziabad in Uttar Pradesh on charges of cheating investors to the tune of several crores in the guise of ponzi schemes on Friday.

The suspect Bobby Choudary alias Ijaz Ahmed was running fraudulent investment schemes through his business in the name of Mayzone E-Mart Pvt. Ltd, by conducting seminars in Uttar Pradesh and also in Hyderabad.

According to the CCS officials, he offers two schemes to the investors promising high returns. In the first scheme, the franchisor has to invest an amount of Rs.4 lakh, for which the management will give benefit of Rs.1.2 lakh per month for a certain period with commission. In the second scheme, the investor should invest a nominal amount and will receive returns for 38 months and also discount in super markets.

“Believing him, about 200 people from Hyderabad have invested about Rs.2 crore on the whole and ended up being cheated. He went absconding after collecting the money,” said Mr.CV Anand, Hyderabad Police Commissioner.