Cyberabad police arrest director of Metalloids Technologies in Rs. 70 Crore investment fraud

HYDERABAD: The EOW Police of Cyberabad on Friday arrested an accused involved in criminal breach of trust, cheating, and violations under the Telangana Protection of Depositors of Financial Establishments Act committed by Metalloids Technologies Pvt Ltd.

The MD & CEO, Jayant Biswas, and director Mousami Biswas, along with employees of Metalloids Technologies, collected deposits promising high returns within a short period. They defaulted on repayment commitments. The arrest of one accused took place on June 22, 2024, in Kolkata, West Bengal.

The case is registered under Crime No. 13/2024, Sections 406, 420 IPC, and Section 5 of TSPDFE Act 1999 at the EOW Police Station, Cyberabad.

Mousami Biswas (49), Director of M/s. Metalloids Technologies Pvt. Ltd., residing in Madhapur and originally from Kolkata, West Bengal.

The jurisdiction was determined based on the CD file in Cr.No. 18/2023 under Sections 406, 420 IPC, read with Section 34 IPC and Section 5 of TSPDFE Act-1999 of CCS, Hyderabad DD, transferred to Cyberabad Commissionerate as per orders of the Commissioner of Police, Cyberabad, and DCP EOW, Cyberabad. The case was re-registered as 13/2024 under Sections 406, 420 IPC, and Section 5 of TSPDFE Act 1999 at EOW Police Station, Cyberabad.

Complainant T. Sridhar and other victims deposited amounts into the accused company, totaling about Rs. 70 crores, with the promise of high returns within a short period. The accused defaulted on both the deposits and promised returns. Legal action against the accused company was requested.

Mousami Biswas, along with her husband Jayant Biswas, who is MD & CEO of M/s. Metalloids Technologies Pvt. Ltd., devised a plan to earn easy money. They established the company and collected deposits from victims, initially paying returns. After amassing around Rs. 70 crores, they ceased payments, failing to honor their commitments.

The accused is also involved in three other cases: Cr.No. 1285/2021 at Madhapur police station, Cr.No. 20/2022 at PS RC Puram, and Cr.No. 88/2022 at police station Raidurgam within Cyberabad limits. The accused was absconding in these cases. The investigating officer arrested the accused in Kolkata, West Bengal, and brought them to EOW PS, Cyberabad, placing them in judicial remand.

Public Advisory

Cyberabad EOW police urged the public to be cautious of fake companies that collect deposits promising high returns in a short period. The department is committed to prosecuting such fraudulent entities and ensuring justice.

The case is under investigation by Inspector A. Sreedhar Kumar of Economic Offences Wing Police Station, Cyberabad, supervised by Deputy Commissioner of Police K. Prasad, EOW, Cyberabad.