Hyderabad: A former policeman, who floated fake companies and cheated investors to the tune of Rs.3.9 crore, was arrested along with four others by the Chaitanyapuri police here on Friday.

According to the police, Sriram Chinna Gopala Krishna, 37, of Kothapet, who was arrested under different sections of the IPV and the Money Laundering Act as well, was a civil police constable working with the Malkajgiri police station. In 2009 he was selected as a Sub-Inspector (Civil), but was terminated from service in 2012 after getting involved in malpractice during the SI main entrance exam and being arrested by the CID.

He then started a new company, Tanvi Creations (online media and advertising business) in 2016, and began

collecting money from investors, telling them he was into liquor business taking bar licenses, apart from floating companies.

 He also indulged in money laundering, and collected money offering good returns, which he did in the beginning but stopped after gaining the confidence of his victims, majority of whom were farmers, students, petty business people, employees and software engineers, police said.

Over 20 victims had so far approached the police, saying he had duped them to the tune Rs.3.9 crore. He had purchased a flat worth Rs.66 lakh, a Hyundai I-20 Active car and a motorcycle, all of which have been seized. He had mortgaged 11 tolas of gold ornaments, which would soon be seized.

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