Ex-serviceman from Alwal held for cheating investors to the tune of Rs 4.48 crore

The suspect, Jeetendra Kumar Choubey, collected a sum total of Rs 4.48 crore in the form of deposits. After collecting the deposits, he paid monthly returns for a few months and later went into hiding

Hyderabad: The Cyberabad Economic Offences Wing (EOW) officials on Wednesday arrested an ex-serviceman on charges of cheating investors to the tune of Rs 4.48 crore, promising high returns on their investments in his companies.

Jeetendra Kumar Choubey from Alwal, who worked as an electrician in the Military College at Trimulgherry in Secunderabad, had retired in 2018.

According to the EOW officials, after his retirement, Jeetendra Kumar, with a plan to earn in business, floated JK Enterprises, Soumya Sri Hospital and Karthik Logistics in Alwal.

“By showing these companies, he promised good monthly returns for deposits. Being an ex-serviceman, many people believed him and deposited money. Likewise, other retired personnel from the Army also deposited in the companies,” officials said.

Thus, the suspect collected a total amount of Rs 4.48 crore in the form of deposits. After collecting the deposits, he paid monthly returns for a few months and later went into hiding.

Based on the complaint from a woman investor, the EOW unit booked a case and arrested Jeetendra Kumar in New Delhi.