Gayathrie Infra Scam: Cyberabad EOW arrests two in multi-crore real estate fraud
Gachibowli: The Economic Offence Wing(EOW) of Cyberabad arrested two accused in connection with the Gayathrie Infra Private Limited real estate fraud.
The arrested accused were identified as Maguluri Chandra Reddy and Maguluri Aruna alias Aruna Kumari, residents of Kondapur, Hyderabad.
According to the Cyberabad police, the accused were involved in cheating, criminal breach of trust with criminal conspiracy and collected huge money from complainant and others to the tune of Rs.3.1 Crores in the name of investment and good returns with buy back scheme.
Based on the complaint from of one of the victims, Jonnala Srinivasa Reddy, Cyberabad police booked a case and started investigation. According to the complainant, the accused persons have induced the customers/investors in the guise of investment and good returns with huge profits and cheated about more than nine members and collected amounts around Rs.3.1 Crores. Initially, the accused established their office at Madhapur, Hyderabad.
Modus Operandi
Explaining the Modus Operandi, K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad said, “The fraud was committed together by M/s Gayathrie Infra Developers to develop open plots in the limits of Sadashivpet (M) Sangareddy District. The accused attracted the customers/investors with their buy back scheme explaining that if any person depositedin their project they will give open plot approximately 1600 Sq.Yards or Rs 1.6 crore.
He further explained that the accused promised the customers that they would develop the land extending 102 acres as open plots and get profit to the customers/investors. “The accused persons gave MOU, Sale Deeds, post-dated cheques and cash receipts to victims as collateral security to gain the trust of the customers. After collecting money from the victims, the accused paid partial amounts to some of the victims later they failed to fulfill their promise,”read the statement released by EOW.
Advisory
The Cyberabad EOW Police hereby advised the public to be aware of fraudsters, cheaters and not to invest money without proper inquiry in the name of good returns and huge profits. The department is committed to prosecuting the fraudsters, cheaters and ensuring justice to victims.
The case is being investigated by KV Subba Rao, Inspector of Police, Economic Offences Wing PS, Cyberabad under the supervision of K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad.
