Hyderabad police nab two for Rs. 80 crore real estate scam, affecting 300 victims

Unveiling the 80 Crore Real Estate Scam
HYDERABAD: 80 Crore Real estate scam have come into light. Hyderabad city police apprehended on Friday two individuals linked to Bhuvanteza Infra Projects Pvt Ltd for their involvement in duping 300 desperate customers. They had lured them with pre-launch offers for flats in Happy Homes, Shamirpet, collecting substantial deposits.
False Promises and Betrayal: Inside the Operation of Bhuvanteza Infra Projects Pvt Ltd
The accused, Jerripothula Phane Bhushanaala Rao (50) and Jerripothula Raj Kumar (27), both residents of Jubilee Hills, amassed nearly Rs. 80 crores from innocent customers for various projects. However, they failed to fulfill their promises and neglected to refund the deposits. Both offenders were presented before the Metropolitan Sessions Judge (MSJ) court and have been remanded into judicial custody.
Crime No.04/2024 U/s 420, 406 r/w 34 IPC and sec 5 of TSPDFE Act of EOW Team-IV, CCS, DD, Hyd.
Two accused are arrested pertaining to Bhuvanteza Infra projects pvt Ltd who involved in collecting huge deposit amounts from above 300 needy customers on the..https://t.co/yHAWnZbscK pic.twitter.com/JXfCrbHkLk
— Hyderabad City Police (@hydcitypolice) March 15, 2024
The Economic Offence Wing (EOW) Team-IV, CCS, DD, Hyderabad, has registered a case under Section 420, 406 r/w 34 IPC, and Section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act.
— BhuvanTeza Victims (@BTZVictims) March 19, 2024