Cyberabad police busts ‘sale of plot’ scam that duped 50 victims in Madhapur
Madhapur/Kukatpally: Economic Offences Wing(EOW) of Cyberabad police busted a preplot ponzi scam worth Rs.10-15 crores. Around 50 victims were duped by the scam informed police.The police have arrested a man in connection with the case.
The arrested accused was identified as – Obili Papannagari Rama Chandra Reddy- Proprietor of M/s Obili Housing.
Explaining the modus operandi Cyberabad police said, “Obili Papannagari Rama Chandra Reddy, V.B Gupta, Managing Director of Prathista Properties, and other marketing agents conspired to mislead the public by claiming that they are developing 200 acres of land and launching a project called ‘Highway paradise’ in Venkatapuram village, Sadasivpet mandal, Sangareddy district”. Subsequently many victims falling prey to the false assurance, transfer money into the accounts. Later they cheated the public and defaulted to pay the amount to them.
Baiting regional ring road (RRR), accused duped victims
The matter came to light after a victim V Chendra Sekhar Yadav complained to the police alleging that he was cheated by VB Gupta and Obili Papannagari Rama Chandra. According to the complainant, he had visited the office of VB Gupta and Obili Papannagari Rama Chandra Reddy situated at Kukatpally and Madhapur.
“The accused V.B.Gupta and Obili Papannagari Rama Chandra Reddy informed him about the Highway Paradise project at Sadasivpet by showing an unauthorized layout map along with attractive pamphlets and broachers. Further gave a fasel hope of surging of the land value as IIT Kandi, IT park, Regional Ring Road (RRR) were being established in the area,” said complainant.
Subsequently V. Chandra Sekhar Yadav, complainant and many others invested money and executed MoU on the name of M/s. Prathishta Properties and M/s. Obili Housing promising that if the plots/lands are not registered after a certain period of time then they will buy back the plot by paying Rs. 1000 per Sy. Yard extra to the depositors/investors. After realising they were cheated, the investor approached the police and launched a formal complaint. On Friday, with credible information Obili Papannagari Rama Chandra Reddy was apprehended by EOW Police and further sent to judicial remand.