A jeweller was arrested by the Jubilee Hills police for his involvement in cheating and financial frauds targeting several investors, including Tollywood and Bollywood celebrities.
The accused, Thonangi Kanthi Dutt (24), who ran Tritiyaa Fine Jewellery store in Jubilee Hills was arrested on Saturday (November 30) following a complaint from Tippala Srija, a Hyderabad resident.
According to the police, the man operated various companies to attract investors and promised them huge profits on their investments. However as the money came in, he misappropriated the funds. He also forged documents to remove the directors from their positions, transfer their shares and eventually dissolve the company citing financial losses, the officials said.
The issue came into light after Ms. Srija lodged a complaint with the Jubilee Hills police in February 2024. She, along with Kanthi Dutt, established Tritiyaa Fine Jewellers Pvt. Ltd. in June 2023. The complainant invested ₹2.5 crore in August for the company’s expansion. A few days later on August 28, the accused forged a resignation letter and removed her from the position of director and appointed his mother Thonangi Sridevi in her place.
The investigation showed that this was not the first time he had cheated investors. In 2019, he established Sustainkart Marketplace along with Shilpa Reddy, a renowned fashion designer. As additional investors approached and funds were raised, he introduced private labels with celebrity partnerships, including Bhoomitra with Keerthi Suresh, Kare & Karess with Kajal Agarwal and FromVedas with Vedasri Nadendla. The company was closed in June 2023 after misappropriation of funds and reporting losses to stakeholders.
The police said the man has also cheated many other investors under the pretext of providing franchises of Naomi and Sustainkart Marketplace. He was previously booked by the Jubilee Hills and Madhapur police and Hyderabad Central Crime Station for similar offences. Further investigation is under way.
Published – December 02, 2024 09:20 am IST