Hyderabad, July 1 -- A Hyderabad-based businessman and his wife have allegedly gone missing after borrowing more than Rs 50 crore from nearly 60 people in his colony by claiming a financial emergency.

The incident came to light after many of his victims approached Malkajgiri Police Commissioner B Sumathi, demanding immediate action against the businessman.

Pabba Chandrasekhar, a resident of Bhagawan Colony, Chakripuram in Kushaiguda, operated a cement dealership named Sri Venkateswara Marketing for nearly 30 years, according to the complainant.

Reasons ranged from daughter's marriage to business ventures

The victims said Chandrasekhar had borrowed money from several people over the years, providing different reasons. While some were i...