Hyderabad: A Hyderabad man who invested Rs 58 lakh in what was presented as a lucrative used car resale business has approached police after the scheme allegedly turned out to be a fraud, with total investor losses estimated at more than Rs 1.5 crore. Central crime station police have now booked a city couple on charges of cheating and criminal conspiracy.According to the complainant, Rayees Ahmed, 36, a resident of Moosapet, was approached in Nov 2025 by Wajid Ahmed Khan, whom he knew personally. Wajid allegedly claimed that he was associated with a company engaged in the used car resale business.“Wajid proposed a business model in which he would buy vehicles from the used car company at discounted rates and resell them for profit. He asked me to fund the business in exchange for high returns,” Rayees alleged.Believing the proposal, Rayees reportedly transferred Rs 58 lakh to Wajid and his wife Arthi Kumari through multiple transactions during 2025-26.Police said the couple allegedly used the same pitch to attract several other investors.“Using the same false representations, Wajid also induced several of the complainant’s friends, including Zubair, Aamir, Ammar, Harif Basha, and others, to invest money with him. The total amount collected from all of them exceeded Rs 1.5 crore,” CCS police stated in the FIR.To further convince investors, Wajid allegedly produced a purported dealership document in the name of a company involved in the car resale business.Trouble began about a month ago when investors started seeking the return of their money. According to the complainant, Wajid and his wife stopped responding to calls and messages.“When we visited the office of the car resales company, it was revealed that Wajid left the company a long time ago,” the complainant alleged.Based on the complaint, CCS police registered a case against Wajid and Arthi on July 1 under section 318(4) (cheating) read with section 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita. “We are collecting evidence from the complainant. Appropriate legal action will be initiated after the preliminary probe,” a CCS official said.
