Four Arrested for Real Estate Fraud in Hyderabad
The accused, identified as Byra Chandra Shekar, Vemulapally Jahnvi, Garimella Venkata Akhil, and Reddipalli Krishna Chaitanya, were arrested for defrauding investors through their companies, Squares and Yards Infra Pvt Ltd and Ad Avenues Pvt Ltd.
Real Estate FraudInvestment ScamsHyderabad PoliceSquares And Yards Infra Pvt LtdAd Avenues Pvt LtdReal EstateOct 24, 2024
According to the police, the suspects operated under Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd, enticing investors with a buyback scheme that promised high monthly returns for 100 months. They solicited investments of Rs 17 lakh in exchange for registering two guntas (267 square yards) of agricultural land in Tirumalagiri village, Balanagar mandal, Mahbubnagar, and claimed that sandalwood would be cultivated on the plots to generate further profits.
The companies provided investors with Memorandums of Understanding (MOUs), lease deeds, and post-dated cheques as collateral. Initially, they paid monthly returns for a few months but later ceased payments and shut down the companies.
The police report indicates that the accused collectively defrauded around 120 investors, amassing approximately Rs 24 crore. The individuals have been charged under various sections of the Bhartiya Nyaya Sanhita (BNS), including criminal breach of trust and cheating, as well as Section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999.
The Cyberabad police have urged citizens to remain vigilant and avoid falling victim to schemes promising unusually high returns on investments without proper due diligence.
Information on Squares and Yards Infra Pvt Ltd
Squares and Yards Infra Pvt Ltd is a real estate company based in Hyderabad. The company has been involved in several real estate projects, promising high returns to investors. However, recent investigations have revealed that the company's operations were fraudulent.
Information on Ad Avenues Pvt Ltd
Ad Avenues Pvt Ltd is a marketing and advertising firm based in Hyderabad. The company has been involved in promoting various investment schemes, including those offered by Squares and Yards Infra Pvt Ltd. The fraudulent activities of the company have led to its directors being charged by the police.
Frequently Asked Questions
Who were the individuals arrested for the fraud?
The individuals arrested were Byra Chandra Shekar, Vemulapally Jahnvi, Garimella Venkata Akhil, and Reddipalli Krishna Chaitanya.
What companies were involved in the fraud?
The companies involved in the fraud were Squares and Yards Infra Pvt Ltd and Ad Avenues Pvt Ltd.
How much money did the accused defraud from investors?
The accused collectively defrauded around Rs 24 crore from approximately 120 investors.
What scheme did the accused use to defraud investors?
The accused used a buyback scheme that promised high monthly returns for 100 months in exchange for investments of Rs 17 lakh in agricultural land.
What advice did the Cyberabad police give to the public?
The Cyberabad police urged citizens to remain vigilant and avoid falling victim to schemes promising unusually high returns on investments without proper due diligence.
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