Amacon Developers lures victims with false promises and defrauded
Madhapur: In a major development, the sleuths of Economic offenses Wing (EOW) Cyberabad police have arrested the proprietors of Amacon Developers Pvt. Limited, a real estate firm, in connection with a real estate and investment fraud case on Wednesday. The arrests come after several victims alleged that the company had collected substantial deposits with promises of high returns and land registration and cheated.
The Cyberabad police who are investigating the case arrested accused Jullapalli Chnadrashekar and Jullapalli Sunitha. The company, operated by Jullapalli Chandra Shekar and his wife Sunitha, allegedly lured investors with promises of high returns and land security and defrauded the customers.
According to the complainant Chakka Sudhir, resident of Kukatpally and other victims deposited the amounts into the accused company Amacon Developers at Madhapur and the accused collected deposits with the promise of high returns within a short period of 13 months, promised to register to some portion of land in Chevella as surety to deposited amount and defaulted in repayment of deposited amount and returns as promised by them and not registered land. He requested that appropriate legal action be taken against the accused company.
Explaining the modus operandi of the accused, Cyberabad police said, “Julapalli Sunitha, proprietor of Amacon Developers Pvt. Ltd. along with her husband Chandra Shekhar collected Rs 1 crore from the Chakka Sudheer, Pranoy and Vaidehi on the pretext of real estate investment and buyback scheme mentioning if customers deposit certain amount with them for which land security will be given by registering certain land on customers name and after certain period of time 55 % of amount will be added to the deposited amount and the same shall be returned to the customers after taking back the land which was registered as Security to customers”.
Further they lured customers that they are launching villa layouts residential gated community at Chevella and they said that they possess 33 guntas of land at Chevella village and are in the process of procuring adjoining lands for real estate venture. Later they did not develop any Venture and cheated the victims by executing Agreement of Investment /Development Cum Memorandum of Understanding without mentioning the Survey Number and which are unregistered.
