Visakapatnam: The city police on Wednesday arrested the managing director of Veda Agro Farms Developers, for allegedly defrauding around 525 people in the city of nearly Rs 1.75 crore.
V Kumar Swamy, a native of Mamulur village in Warangal district, started the bogus firm, Veda Agro Farms Developers, at Akkayyapalem area in the city in August 2012. He allegedly floated various schemes and collected deposits from gullible investors by promising them hefty returns on their investments.
However, he wound up his company in December 2012 after collecting around Rs 1.75 crore and vanished from the scene. Cheated by Veda Agro Farms Developers, one of the victims, K Srinivas, lodged a complaint against Swamy at the Fourth Town police station.
Acting on a tip-off, the police arrested Swamy at Narsipatnam in the district on Wednesday and recovered documents of land valued at around Rs 32 lakh, gold ornaments weighing 26 grams, three laptops and one LCD monitor from him.