HYDERABAD: The director of a private firm, who was at large since the past one year after collecting several crores of rupees as deposits from various persons, was on Sunday arrested and property worth Rs 1.13 crore was recovered from him.The accused, Chavan Eshwar alias Premji Chavan Eshwar of Sangareddy in Medak started Sri Sri Marketing Private Limited and SS Marketing firms with three of his brothers and duped several investors.Eshwar and his brothers - Srinivas, Satyanarayana and Rajeshwar - came to Hyderabad in 2007 and initially started multi-level online marketing business with www.ssforexdaily.biz, under Sri Sri Marketing and spread its activities across AP to Maharasthra, Karnataka and West Bengal by the end of 2009.After gaining the confidence of customers, they changed their business and started accepting deposits under the name of SS Marketing from their office at Babukhan Estate in Basheerbagh.“They collected deposits with 60-day maturity and the mature value was double the deposit amount. They gave post-dated cheques for double the amount and collected deposits worth Rs 8 to Rs 10 crores,” Central Crime Station DCP J Sathyanarayana said.They issued postdated cheques worth Rs 21 crore.The amount was collected within 60 days and with that money they acquired lands, house sites and also transferred some cash into 31 bank accounts of their family members.On April 1 this year, they closed the office and fled. The case was initially registered by the Saifabad police and later transferred to the CCS.CCS officials said, the four accused and their families acquired vast chunks of lands and flats at Badanpet and Kuppa Nagar of Jogipet in Medak, a premium house at Serilingampally and also gold ornaments.Police have arrested three of the brothers earlier and recovered Rs 2.70 crore properties while Srinivas has been absconding since then.Srinivas was arrested on Sunday and property worth Rs 1.13 crore has been recovered from him.
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