Crime Madhapur / Jubilee hills

Cyberabad police arrests two for defrauding investors in real estate scam

Cyberabad Real Estate Scam

Madhapur: The sleuths of the Economic offence wing(EOW) of Cyberabad arrested two men involved in a cheating case by promising high returns on investment in Real Estate ventures on Thursday. The firm reportedly duped over a dozen potential customers to a tune of three crores.

The men floated a firm named Subhodayam Infra Pvt Ltd at Arunodaya Colony, Madhapur, Hyderabad.

The accused were identified as Kalapatapu Sri Lakshmi Prasad and Mungaluri Venkata Satya Sudheer who are Managing Director and Accountant respectively of Subhodayam Infra private limited. The Economic Offense Wing of Cyberabad booked a case under cheating and Telangana Protection of Depositors of Financial Establishments Act- 1999 started investigation.

Based on the complainant Kalluru Praveen Kumar Reddy and about 13 others who were attracted to the inducive promises of the accused persons, deposited huge money to a tune of about Rs. 3 Crores 16 Lakhs under buyback scheme, EOW cyberabad police booked a case and started investigation.

Investigation revealed that the accused persons, after collecting such huge deposits, did not register any land to customers and failed to deliver the return of amounts as promised. Thereby the accused persons cheated the innocent people.

According to the police,the accused persons showcased various vacant lands at Quilashapur village of Raghunathpally Mandal, Jangaon District. which are not owned by them and hatched a plan to collect huge deposits from the prospective purchasers in the name of Shubhodayam Kakatiya Infra by promising high returns and also promoted buy back schemes to cheat innocent people.

Further the accused persons with an attractive scheme of buyback scheme and promised to return extra 50% appreciation in 13 months, 75% appreciation in 18 months & 100% appreciation in 26 months if customers pay full amount for Phase1 development or else register 1 acre land in Quilashpur village by publishing colourful brochures and conducted meetings at Madhapur office to attract the deposits from various purchasers. For this purpose, the Kalapatapu Sri Lakshmi Prasad, Chairman & Managing Director appointed marketing agents to bring in more number of purchasers, for which they offered huge commissions on the sale of land.