Couple Arrested for Duping Investors in Multi-Crore Real Estate Scam
Cyberabad police crack down on real estate fraud, arrest couple for cheating investors of crores.
Real Estate ScamCyberabad PoliceMulticrore FraudAmacon Developers Pvt LtdTelangana Protection Of Depositors Of Financial Establishments ActReal EstateAug 28, 2024
The duo was arrested in Gopanpally, Gachibowli, following a complaint lodged by Chakka Sudhir, one of the victims of their alleged scheme. The case, registered as Crime No. 28/2024, has been booked under sections 406 and 420 of the Indian Penal Code, alongside section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act.
According to the police, the accused couple had been running a real estate company, Amacon Developers Pvt. Ltd., which promised high returns on investments. Several investors, including Chakka Sudhir, had invested a total of ₹1,02,89,000 in the company, but the investments bore no returns, and the promised land registration never materialized.
The police investigation revealed that the couple had lured investors into their scheme by initially providing returns, thereby encouraging further investments. They had claimed to have launched a residential gated community at Chevella and presented false documentation to substantiate their claims of owning land. Written agreements were provided to investors, but they lacked critical information such as survey numbers and were unregistered.
The breakdown of sums involved includes
Chakka Sudhir ₹60,00,000
Pranoy ₹17,89,000
K. Vaidehi ₹25,00,000
The accused couple is also implicated in three other cases (Crime Nos. 340/2024, 350/2024, and 370/2024) filed at Chaitanyapuri Police Station under Rachakonda jurisdiction.
Following their arrest, the accused were presented before the EOW Police Station in Cyberabad and were subsequently remanded to judicial custody. Another individual involved in the case, Shashikanth, is currently at large and remains unarrested.
The Cyberabad EOW has issued a public advisory urging citizens to exercise caution when investing in real estate ventures. They emphasized the importance of verifying property details and being vigilant while signing memoranda of understanding.
About Cyberabad Police
The Cyberabad Police is a law enforcement agency responsible for maintaining law and order in the Cyberabad region of Telangana, India. The agency is committed to prosecuting those responsible for fraudulent activities and delivering justice to the victims.
Amacon Developers Pvt. Ltd. is a real estate company that had been accused of running a multi-crore scam. The company had promised high returns on investments, but the investments bore no returns, and the promised land registration never materialized.
Frequently Asked Questions
What is the name of the real estate company involved in the scam?
Amacon Developers Pvt. Ltd.
How much money was invested by the victims in the company?
₹1,02,89,000
What is the name of the police agency that arrested the couple?
Cyberabad Economic Offences Wing (EOW)
What is the name of the act under which the case has been registered?
Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act
What is the advice given by the Cyberabad EOW to citizens?
To exercise caution when investing in real estate ventures and to verify property details before signing memoranda of understanding.
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