Jeweller dupes investors of Rs 4 crore

HYDERABAD: Police have registered a cheating case against a jeweller, Naveen Chandra Soni, 40, from SBH Colony at LB Nagar, for duping several investors to the tune of Rs 4 crore.
According to LB Nagar sub-inspector K Mallikarjuna, the jeweller, who hails from Gujarat, started a jewelry-cum-cloth business in the name of Sree Ashapuri Jewellers at SBH Colony eight years ago.By being nice to people, Soni gained their trust and made several people invest in his business. Soni initially paid a handsome interest to his investors, encouraging more people to invest.
After collecting Rs 4 crore, Soni suddenly shut his business and fled with his family on September 24. As they were unable to contact him, seven investors who had paid Soni Rs 38 lakh, lodged a complaint with the LB Nagar police on Wednesday. Other victims are yet to approach the cops.
A case was registered under section 420 (Cheating) of the Indian Penal Code (IPC) and a manhunt was launched to nab him.