Couple held for "cheating" depositors of over Rs 1.2 cr

: A couple were arrested here on Thursday for allegedly cheating the public of over Rs 1.2 crore on the promise of doubling their money, police said.

The woman is in-charge for UIRC sisters wing of Malakpet area here and her husband is the founder member and general secretary of UniversalIslamic Research Center (UIRC) Hyderabad, a release from Hyderabad Police said.

The duo lured Muslim women to invest money in three schemes run by them and also an Islamic Public School with a promise to double their money and returns and collected Rs 1.2 crore from them, police said.

However, they failed to give any returns nor the deposited amounts after which two cases were registered against them under relevant sections of the Indian Penal Code and Telangana Protection of Depositors of Financial Establishment Act, police said.

Further investigation led to their arrest, police said.