A 28-year-old man was arrested here today for allegedly duping several people from Andhra Pradesh and Telangana under the pretext of selling them PoS (Point of Sale) machines, after high value currencies were demonetised last year, police said.
The accused, identified as V Shiva Krishna, who is into stock market trading, had published online advertisements promising sell of POS machines and asked prospective customers to transfer money into his e-wallet.
"Once the payment (money transfer) was made by customers into his (e) wallet, the accused used to transfer the money into his bank account and subsequently withdrew them. He used to tell the customers that he will deliver the PoS machines within a week. However, he failed to do so and cheated them," the Hyderabad Police stated in a release.
A complaint was lodged by a city-based businessman stating that he had failed to get a POS machine even after making a payment of Rs 6,500 to Shiva Krishna.
He was arrested by the Central Crime Station- a wing of Hyderabad Police.
As per the release, Shiva Krishna had "cheated" several persons from AP and Telangana.
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