Crime

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

Listen to Story
real estate 80 Crore Scam

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.

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.