Ex-Serviceman Arrested For Collecting Rs 4.5 Crore

The Economic Offences Wing (EOW) Police of Cyberabad today arrested an ex-serviceman for cheating, criminal breach of trust, and collecting Rs 4.48 crore from people in the guise of deposits for businesses including J K Enterprises, Soumya Sri Hospital and Karthik Logistics.

The accused, Jetendra Kumar Choubey of Alwal, a native of Bihar, was arrested following a complaint lodged by a Chandrawati Devi of Bollaram, Hyderabad.

Choubey, a former serviceman, worked as an electrician at the Military College in Tirumalagiri, Secunderabad, and retired in 2018. After retirement, he settled in Bollaram, where he became acquainted with many residents in the locality. Seeking to start a business, he established J K Enterprises, Soumya Sri Hospital and Karthik Logistics at Alwal, Secunderabad.

Using these businesses as a front, he promised investors attractive returns of 5% per month on their deposits. Trusting him due to his military background, several individuals, including ex-servicemen, invested in the ventures. Devi alone deposited Rs 2,00,000. In total, Choubey collected approximately Rs 4.48 crore.

Initially he paid monthly returns to the depositors, but later started defaulting. In December 2024, he shut down his firms and absconded. On May 21, the EOW Police arrested him in New Delhi.

The case is being investigated by Assistant Commissioner of Police S Murali Krishna, under the supervision of Deputy Commissioner of Police K Prasad, EOW, Cyberabad.

The Cyberabad EOW Police have advised the public not to trust individuals promising high returns without credible proof. Investors should verify the authenticity of any company before investing. If any suspicious activity is observed, it should be reported to the nearest police station or the Cyberabad Economic Offences Wing.