Metalloids Tech MD held for Rs 50 crore finance fraud- The New Indian Express

Express News Service

HYDERABAD: A major investment fraud estimated to be around Rs 50 crore came to light on Thursday when RC Puram police and the Economic Offences Wing of Cyberabad, arrested Jayanth Biswas, Managing Director of a infrastructure services firm named Metalloids Technologies.  

The company which claims to provide global industrial solutions through products such as conveyor systems, welding equipment and accessories, is primarily based in Jaipur and was set up in 2016. Biswas, who hails from West Bengal, set up a branch in Madhapur area and created a business module named ‘Metalloids Sustenance Portfolio’ to lure gullible people to invest money in his company.

He lured the people and collected deposits with a promise to refund the said deposits with high rate of interest ranging from 10% to 100% depending upon the deposits made. In this way, Biswas collected deposits of more than Rs 50 crore from more than 3,500 innocent people in and around Telangana. He also cheated people from other places like Assam, Andaman & Nicobar, Visakhapatnam, Kolkata and Jaipur. 

Arrested in star hotel

Teams had been sent to Jaipur to keep an eye on his movements. He was arrested at Taj Banjara Hotel, Banjara Hills while he was organising a promotional programme. His wife Mousami, who is one of the directors of the company, is on the run. Police are on the lookout for Mousami and others involved in the fraud. Two other cases have been registered in Madhapur and Raidurgam.