Cyberabad Police Arrest Two for Duping Investors in Real Estate Scam
Two individuals, J Chandrashekar and Jullapalli Sunitha, were arrested for cheating people out of several crore rupees in a real estate investment scam.
Real Estate ScamInvestment FraudCyberabad PoliceAmacon DevelopersTelangana NewsReal EstateAug 28, 2024
The duo started a company, Amacon Developers, at Madhapur and collected huge amounts of money from people towards investment. They promised higher returns within a short period of time, but later duped the victims.
To make the investors believe, they told that they possess 33 guntas of land at Chevella village and also entered into a Memorandum of Understanding (MoU) with the investors.
On receiving a complaint, the police registered a case and arrested the accused.
Information
The real estate sector has been plagued by numerous scams and fraudulent activities in recent years. Many individuals have lost their hard-earned money to such scams, highlighting the need for stricter regulations and greater awareness among investors.Amacon Developers is a real estate company that was allegedly involved in the scam. The company was started by the accused, J Chandrashekar and Jullapalli Sunitha, at Madhapur.
Frequently Asked Questions
What was the modus operandi of the accused?
The accused promised higher returns within a short period of time and collected huge amounts of money from people towards investment in real estate.
What was the name of the company started by the accused?
The company was named Amacon Developers.
Where was the company located?
The company was located at Madhapur.
How did the police come to know about the scam?
The police received a complaint from one of the victims.
What action was taken against the accused?
The police registered a case and arrested the accused.
Related News Articles
The Fall of Chhota Shakeel's Kin: A Blow to D-Company's Mumbai Operations?
The death of Arif Bhaijaan, brother-in-law of Chhota Shakeel, has raised questions about the future of Dawood Ibrahim's gang in Mumbai. Bhaijaan played a key role in preparing the ground for a large real estate company's entry into the Mumbai market.
Akola Violence: 16 Arrested, Police Warn Against Social Media Rumours
Akola, Maharashtra: Police have arrested 16 individuals involved in recent violence in Akola city and have appealed to the public to avoid spreading social media rumours.
Shaping Child-Centric Homes for Modern Families
In the dynamic real estate market of Pune, a leading developer is revolutionizing the way we think about family homes. Recognized for their premium residential and commercial projects in Pune, Goa, and Bengaluru, this brand is now focusing on creating chi
Historic Mumbai Bungalow Linked to Freedom Struggle Sells for Rs 2.76 Billion
A historic bungalow in Mumbai, intricately linked to India's freedom struggle, has been sold for Rs 2.76 billion. The property, located in the heart of the city, has been a symbol of national pride and a significant milestone in the history of real estate
CAM Advises ITC on ₹3,500 Crore Acquisition of Aditya Birla Real Estate’s Pulp & Paper Unit
Cyril Amarchand Mangaldas (CAM) provided legal counsel to ITC on the proposed acquisition of the pulp and paper business from Aditya Birla Real Estate. The deal, valued at ₹3,500 crore, is a significant move in the Indian paper industry.
Pune Road Widening Project Faces Delays as State Orders Fresh Proposal Review
The Pune road widening project, initially a priority for the BJP government, has hit a snag as the state orders a fresh review of the proposals. The move has sparked controversy and accusations of political favoritism, particularly in the real estate sector.