Fraudulent company take gullible for a ride, decamp with Rs 20 crore in Hyderabad

ABG Company took the gullible for a ride by collecting Rs 1.7 lakh each from an estimated 600 people promising that they would be provided with machines and cotton for the manufacture of wicks and the deposit money would also be returned after six months. But even after six months machines have not been provided and the owner decamped with the money.

Hyderabad: A fraudulent company has duped hundreds of gullible people of over Rs 20 crore in the name of manufacturing cotton wicks in Boduppal of Hyderabad with the fraudsters still at large. It is learnt that the company named 'ABG' took Rs 1.7 lakh each from an estimated 600 people telling them that they would be provided machines and cotton for the manufacture of wicks and the deposit money would also be returned after six months.

As a result, many people believed the words of the managers and paid large deposits. However, the fraudsters decamped with the money after which the victims lodged a complaint with the police against the owner of ABG Company Balaswamy Goud. Police registered a case against the ABG Company and are investigating the case.