A septuagenarian was today arrested here for allegedly cheating public to the tune of Rs 13 crore on the pretext of collecting deposits, police said.
Based on a complaint, a case was registered against B Hari Krishna (78), Managing Director of Sree Teja Benefit Fund Ltd, under various IPC sections and Telangana State Protection of Depositors of Financial Establishment Act, they said.
The accused started the fund in 1993 and collected money in the form of fixed deposits and also illegally obtained gold loans from other banks for the gold deposited by the members and did not return the money deposited, a police release said.
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