According to the complainant, he was approached by a man seeking funds for his business. The accused initially borrowed small amounts and repaid them on time.Hyderabad: A businessman from Hyderabad’s Nizampet was duped of Rs 5.7 core in a financial fraud which lasted from 2021-2026.

According to the complainant, he was approached by a man seeking funds for his business. The accused initially borrowed small amounts and repaid them on time.

Later, the fraudster urged the businessman to lend large amounts of money promising steady returns of three per cent interest. To maintain the victim’s trust, the accused produced fake documents and agreements.

Fraudulent cheques

Over time, the businessman transferred large amounts, thinking it is invested in a profitable business. The fraudster also executed a memorandum of understanding and issued a delayed-payment cheque, which was rejected due to insufficient funds.

Suspecting foulplay, the victim tried contacting the fraudster, who did not respond. Realising that he has been cheated, the businessman approached the economic offences wing of the Cyberabad police.

Based on a complaint, the police registered a case and the investigation is underway.