Promoters Of Another Mobile Startup, ‘#mPhone’ Arrested For Fraud. It was supposed to be the biggest day for Kerala based mobile manufacturing start-up Mango Phones.

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But the day turned disastrous for it on Monday after two of its promoters were arrested by police for financial fraud, that too just hours before the launch of their phones. Anto Augustine & Josekutty Augustine two brothers were arrested for defrauding Rs 2.68 crore from Bank of Baroda. Police said the promoters had cheated other banks too.

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Third brother and Chairman of the company, Rojy Augustine, claim that it is suspicious that his brothers got arrested on the big day of launch. #mPhones, which came into the limelight out of nowhere was supposed to change the smartphone market in Kerala. The company claims it had an investment of Rs 35,000 crore as well as a research and development center in Korea. And it had some big ambitions too calling themselves the ‘iPhone Killer’.

Unlike the Freedom 251, which was touted as the world’s cheapest smartphone, #mPhone’s website listed a couple of smartphones, ranging between Rs 12,000 and Rs 40,000. Phones listed in the company’s website also have detailed specifications of the phone which seemed at par with phones from other brands with similar specs. Interestingly enough, despite full page ads and media coverage none including tech bloggers, have seen the actual phone. This comes soon after Ringing Bells, the manufacturer of Freedom 251, began to run into one controversy.

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