Cyberabad Police Crackdown on Real Estate Investment Scam, Two Arrested
The Economic Offences Wing of Cyberabad police has arrested two individuals involved in a cheating case where high returns were promised on investments in real estate ventures.
Real EstateInvestment ScamCyberabad PoliceHyderabadTelanganaReal Estate NewsJun 28, 2024
Kalapatapu Lakshmi Prasad, the Managing Director of Subhodayam Infra Pvt. Ltd., and Mungaluri Venkata Satya Sudheer, an accountant of the company, were arrested for their roles in the scam. The company, Subhodayam Infra Pvt. Ltd., was established in 2017 with an office at Arunodaya Colony, Madhapur, Hyderabad.
The accused falsely presented various vacant lands in Quilashapur village, Raghunathpally Mandal, Janagaon District, as their own, to attract deposits from prospective buyers. They promised high returns and promoted a buyback scheme to deceive innocent people.
Under the buyback scheme, they offered an additional 50 percent appreciation in 13 months, 75 percent in 18 months, and 100 percent in 26 months if customers paid the full amount for Phase 1 development or registered 1 acre of land in Quilashpur village. They published colorful brochures and conducted meetings at their Madhapur office to lure deposits from various buyers.
The complainant, Kalluru Praveen Kumar Reddy, along with 13 others, were enticed by the promises made by the accused and collectively deposited approximately Rs. 3 Crores 16 Lakhs under the buyback scheme.
After accumulating such substantial deposits, the accused failed to register any land for customers or deliver the promised returns, thereby defrauding innocent people.
The case (Crime No. 18/2024) was registered under sections 406, 420 of the IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act-1999 at PS EOW, Cyberabad.
The Cyberabad EOW Police urge the public not to invest or deposit money in such buyback schemes involving land. They encourage reporting any suspicious investment schemes or real estate transactions to the authorities. The department is dedicated to prosecuting the perpetrators and ensuring justice for the victims.
The case is under investigation by Inspector J. Venkateswarlu of the Economic Offences Wing Police Station, Cyberabad, supervised by Deputy Commissioner of Police K. Prasad, EOW, Cyberabad.
Frequently Asked Questions
What is the name of the company involved in the real estate investment scam?
Subhodayam Infra Pvt. Ltd.
How many people were arrested in connection with the scam?
Two, Kalapatapu Lakshmi Prasad and Mungaluri Venkata Satya Sudheer.
What was the promise made by the accused to the investors?
High returns and a buyback scheme with additional appreciation.
How much did the investors collectively deposit under the buyback scheme?
Rs. 3 Crores 16 Lakhs.
What is the advice given by the Cyberabad EOW Police to the public?
Not to invest or deposit money in such buyback schemes involving land and to report any suspicious investment schemes or real estate transactions to the authorities.
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