Hyderabad Top News

Financial Fraud Unearthed: Sandstone Infra Accused of Duping Investors

Sandstone Infra Pvt. Ltd. Accused of Fraud

Hyderabad: Sandstone Infra India Pvt. Ltd. and its directors have been accused of duping and deceiving investors with promises of high returns on property investments. The complaint filed by Mamidi Gnaneshwar and six others prompted an investigation by the Economic Offences Wing Team-VII of the Central Crime Station, Detective Department, Hyderabad.

The complaint alleges that M/s Sandstone Infra India Pvt. Ltd., represented by Malikireddy Chandra Sekhara Reddy and Yeruva Srilaxmi, lured investors with promises of high returns on investments in the “Spring City Phase-I” & “Spring City Phase-II” projects at Sultanpur Village, Ameenpur Mandal, Sangareddy District. The accused purportedly collected a staggering sum of Rs. 86,75,500/- from seven victims, including Gnaneshwar.

However, investigations have revealed a much larger pool of victims, totalling more than 25 individuals, who were allegedly swindled by the accused. Despite receiving deposits from numerous investors, the accused failed to fulfil their commitments of completing the projects or returning the invested amounts.

After the investigation, the accused individuals identified include, Sandstone Infra India Pvt. Ltd, Malikireddy Chandra Sekhara Reddy, Managing Director of M/s Sandstone Infra India Pvt. Ltd, and Yeruva Srilaxmi, Director of M/s Sandstone Infra India Pvt. Ltd.

The accused were arrested and remanded to judicial custody on 16th April 2024.

The inquiry into this financial fraud was spearheaded by ACP A.Ram Reddy and his team from the Economic Offences Wing Team-VII, CCS, DD, Hyderabad, under the direct supervision of DCP N.Swetha, IPS., DD, Hyderabad & I/C Addl. CP Crimes & SIT, Commissioner of Police, Hyderabad City, and K. Srinivas Reddy, IPS.