Hyderabad police on Saturday arrested two persons running a film distribution firm for cheating gullible people on the pretext of investment in film distribution.
According to police, the Nagam Uma Shankar and Kongara Anjamma, running a film distribution firm in the name of Shankar Films, induced over 25 innocent people on the pretext of investments in the film distribution.
A police officer said the accused collected about Rs 6 crore from the gullible public by luring them of good profits. Later, they neither paid the principal amount invested nor the profits to the investors, thereby cheating them.
The Central Crime Station of the Detective Department had booked the accused under Indian Penal Code (IPC) sections 406 (criminal breach of trust), 420 (cheating), 506 (criminal intimidation) r/w 34 (acts done by several persons in furtherance of common intention) and Section 5 of Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act 1999.
Police said both the accused were arrested and produced before a court.
The police have appealed to people not to fall prey to such fraudsters. It is highly impossible for anyone to give or return more than 8-10 per annum consistently on any kind of investment, it said.