Hyderabad: Conmen take over IT firm at gunpoint

Hyderabad: Police in Cyberabad arrested two men for cheating and wrongful confinement after the accused took over a software company at a gunpoint here.

The two persons arrested have been identified as Vamshi Rao and Vamshidhar, who is an IT company's project manager.

Two job seekers told Rao that they were unable to get the jobs despite paying Rs. 1.5 lakh to a company and approached him to get him the refund.

To make some easy money, Rao impersonated as a VIP and approached the company's office at Hyderabad.

He visited the company in vehicle with blue beacon and held discussions with two directors at the office.

A police official said that after having a brief discussion with the company's directors, Rao allegedly took out his gun and threatened them and demanded for Rs 10 lakh to settle the issue, of which they paid Rs five lakhs.

Later, Vamshidhar and two of his friends conspired with Rao and took over the company and got hold on the company's account.

They also forced the directors to email their employees about their resignations and announce Rao and Vamshidhar as the new directors of the company.

Following a complaint, the police arrested Rao and Vamshidhar under IPC sections 420 (cheating), 342 (wrongful confinement) and relevant sections of the Arms Act. 

Meanwhile, two other accused in the case are absconding.

An investigation in the case is underway, the official said.