Ferrari-driving MBA who cheated investors of Rs 300 cr in 3 cities held in Delhi
Harshvardhan Reddy, police said, has been involved in cases in Chennai, Mumbai and Delhi and was abscondingdelhi Updated: Mar 25, 2017 07:30 IST
The police have arrested an MBA professional for allegedly duping several persons to the tune of Rs300 crore. The cops have recovered a Maserati car worth Rs3 crore.
Harshvardhan Reddy, police said, has been involved in cases in Chennai, Mumbai and Delhi and was absconding. “The vigilance branch has been developing profiles of proclaimed offenders of Delhi who have interstate cases registered against them. During one such operation, the profile of Reddy was developed. It was learnt that he was wanted in many cases registered at various cities. Accordingly, sources were deployed and surveillance was kept over his probable hideouts in Delhi NCR,” DCP south, Ishwar Singh, said.
On Wednesday, the police received information that Reddy will visit Patiala House Court to take an update about cases pending against him. Immediately, a team was deployed and Reddy was apprehended.
During questioning, it was found that he has funded and set up several companies to manage his money.
“He disclosed that he approached people who had properties in expensive location, offering them a high rental for those properties. He convinced them that if the property is given to him on lease, then he can pay a much higher rent for it than the existing tenant. Once the person was convinced, and a lease deed for the same was executed, he used to pay an advance rental through post-dated cheques, which, however, were dishonoured later,” Singh said.
“Once the lease deed was executed, he used to prepare a forged lease deed of the same property and showed it to be of a much higher price. Based on this, he took loans from the bank, following which he used to go underground,” he added.
Reddy had fraudulently obtained as many as three different PAN Cards, on different names, citing different dates of birth and two passports, police said.
Reddy completed his schooling from National Public School, Gopal Puram, Chennai and did Hotel Management & Institutional Management from Swiss School of Hotel & Tourism Management, Switzerland. He is also completed his MBA from University of Western Sydney, Australia.
“He kept shifting his residence from Vasant Vihar to Golf Links to Chhatarpur, while continuously committing one after another fraud. From the money he earned, he purchased a fleet of ultra luxury cars like the Ferrari California, which costs Rs4.5 crore, Audis and a Maserati Quattraporte worth Rs3 crore. Subsequently, the Ferrari and some other cars were seized by SBI, the lender bank. However, he had masterfully concealed Maserati and was using it till his arrest. This car has been recovered. The concerned agencies have been informed of this arrest. Further investigation is under progress,” Singh said.
First Published: Mar 24, 2017 23:56 IST