Hyderabad infra firm defrauds investors of crores
Kukatpally: A sophisticated real estate scam has come to light, with numerous victims alleging they were defrauded crores by executives of “We Own Infra Groups,” a Hyderabad-based company.
The police have booked Managing Director Karri Suresh, Director Atapakala Venkatesh, and Sales Director Vamshi Krishna Chowdary of the company. They reportedly duped investors out of crores of rupees under the guise of lucrative buy-back land schemes.
According to the complainant, a former colleague of Suresh and Venkatesh, “In May 2023, Karri Suresh and Atapakala Venkatesh established a company named M/s We Own Infra Groups” with an office in Sardar Patel Nagar, JNTU, Near Metro Station, KPHB, Hyderabad. During this time, Venkatesh called him to explain their company and schemes.
The complainant claimed the accused persuaded him in mid-2023 to invest Rs. 6 lakhs in the company’s buy-back schemes, promising monthly returns and land as collateral. Over the span of nearly a year, the promised returns were deposited into comaplaintl’s account. Then, in September 2024, all payments stopped.
The complaint said, “In August 2023, when the complainant visited their office where they explained their schemes and offers, under buy back offers, if a person deposits 5 Lakhs in their company, they will give good returns.”
Company promises land, leaves investors stranded
They assured him they would register one gunta of agricultural land at Narsapur village, Marpally Mandal, Vikarabad District, and issue post-dated cheques as collateral. For a deposit of Rs. 5 lakhs, they promised to pay Rs. 20,000 every month for 25 months. Eventually, they would return the principal and reclaim their cheques and land. For deposits underRs. 5 lakhs, they offered an agreement and pay Rs. 6,000 per lakh for 36 months. However, they abruptly stopped payments.
The complainant’s story is just the tip of the iceberg. Through his reference one of his friends had invested Rs. 50 Lakhs in August-2023 in the company, he also received returns for a few months. All of sudden in September- 2024 they did not send any amount to his account, immediately he called Suresh and Venkatesh, but their phones were switched off.
Upon visiting the company’s office at Sardar Patel Nagar, KPHB, The complainant found it vacated. Further inquiries revealed Suresh and Venkatesh had disappeared, leaving no trace of their whereabouts. Several other investors, including the complainant and his friend, who had invested Rs. 50 lakhs, are stranded, with total losses exceeding Rs. 1.5 crore. A formal complaint has been lodged, and the Cyberabad police have booked a case and started investigation.
