Hyderabad: A city-based businessman alleged that he was duped of over Rs 6 crore by another businessman who collected the money under the pretext of investing in a recycled rubber manufacturing business. The complainant, Jignesh Shah (56), a resident of Hyderguda engaged in chemical business, approached the CCS police alleging that the accused, Aloysious, who claimed to represent a plastics and rubber manufacturing business, induced him to invest a large amount in a crumb rubber business.Shah stated that he came into contact with Aloysius in 2019 through a common acquaintance. “Aloysius claimed that he initially operated a rubber factory first at Kistapur and later shifted it to Lalgadi Malakpet in Medchal-Malkajgiri district. He assured me that I would be made a 50% partner in the business,” the victim told police.Believing these assurances, Shah said he began transferring funds from April 29, 2019, to bank accounts provided by Aloysious. He alleged that he invested about Rs 6.21 crore till Aug 16, 2025, but no partnership deed was executed despite repeated requests.The complainant also claimed that two MOUs were executed in Dec 2020, promising repayment within three years. He also alleged that Aloysious sent misleading payment screenshots and even took Rs 50,000 in 2025 on the pretext of transferring money. The CCS police registered a case under Section 420 (cheating) of the IPC and handed over the investigation to the Economic Offences Wing on May 1. The case is under investigation, and no arrests have been made so far.
