Couple arrested for ₹2.11 crore investment and job fraud in Cyberabad

A couple accused of defrauding multiple people of over ₹2.11 crore through bogus investment and job placement schemes was arrested by the Economic Offences Wing (EOW) of the Cyberabad police.

The arrested individuals, identified as Panem Ujwala and Mahesh Panem, both natives of Kandukur in Nellore district of Andhra Pradesh, were taken into custody on July 2. Ujwala was apprehended in Kandukur, while Mahesh was nabbed in Bengaluru. The two had previously lived in KPHB, Hyderabad.

According to the police, the couple operated under the guise of running several businesses, including a real estate firm named M/s Christ Properties (OPC) Pvt Ltd, and lured victims, primarily retired employees, with promises of monthly returns of 2% on their investments. Mahesh Panem was the director of the firm, while Ujwala was listed as the nominee.

Apart from the real estate venture, the accused also claimed to own an Agarwood farmland business and allegedly offered backdoor job placements through another entity, M/s Christ Global Technologies Pvt Ltd. In total, they are said to have collected ₹2.11 crore from at least five known victims, providing them with promissory notes, cheques, and MoUs as collateral. The initial monthly returns were paid for a brief period, after which the couple allegedly shut down their offices and absconded.

The accused are also linked to other firms, including M/s Shine Solutions and Western Acqua, and are involved in at least five additional cases registered at police stations in Bachupally, Kollur, Chandanagar, and Madhapur.

The arrests follow a case registered on June 25 under charges of cheating, criminal breach of trust, and criminal conspiracy, along with relevant provisions of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act.