Eider Motors Chairman arrested over ₹10 crore fraud
Chairman of Hyderabad-based two-wheeler company Eider Motors, Maroju Shiva Kumar was recently arrested by Hyderabad Police for cheating 40 investors of about ₹10 crore. Eider Motors has been accused of not supplying the vehicles to dealerships as the motorcycles did not have the required permissions from the government. The company had promised a 650 cc motorcycle for around ₹3,37,130.