The Central Crime Station (CCS) Police in Hyderabad arrested two accused in a multi-crore investment fraud case involving online grocery platform Urban Market. The accused allegedly defrauded unsuspecting investors of â¹24.36 crore by promising high returns under the guise of a legitimate business venture.The accused were identified as Mukesh Chowdhary, 33, and Amit Kumar Pilania, 31.The case came to light following a complaint by Pilania, who initially positioned himself as a victim. However, during the investigation, evidence revealed that Pilania was not only aware of the scheme but also actively involved in perpetrating the fraud, thus becoming an accused in the same case.According to police, Chowdhary, 33, who operated Urban Market, was arrested from Malakpet on May 30 following a tip-off. Originally from Rajasthan, he had been running the business from Chaitanyapuri in Hyderabad. Based on his confession, Pilania, 31, is a resident of Pune and proprietor of Pilania Road Carriers.Investigators found that the accused lured individuals to invest large sums into Urban Market with promises of high returns. The accused then diverted the collected funds, failing to deliver on any promised returns.The police collected evidence, including statements from witnesses, bank records and corporate filings with the Registrar of Companies. A forensic analysis conducted in collaboration with a chartered accountant confirmed the financial irregularities and fraudulent intent of the accused.Both Chowdhary and Pilania were remanded to judicial custody on May 31. Further investigation is under way to identify others who may have acted either as accomplices or benefited from the scheme.Published - June 04, 2025 12:31 am IST