Four Arrested in Massive Real Estate Fraud in Hyderabad
The Hyderabad police have arrested four individuals for defrauding approximately 120 investors and amassing Rs 24 crore. The accused operated under two companies, promising high returns on investments.
Real Estate FraudHyderabadInvestment ScamsCyberabad PoliceHigh ReturnsReal Estate NewsOct 24, 2024
According to the police, the suspects ran a sophisticated scam by operating under the names Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd. They lured investors with a buyback scheme that promised high monthly returns for a period of 100 months. The scheme required an investment of Rs 17 lakh, in exchange for which the investors would receive the registration of two guntas (267 square yards) of agricultural land in Tirumalagiri village, located in Balanagar mandal, Mahbubnagar. The accused claimed that sandalwood would be cultivated on these plots to generate additional profits.
To add credibility to their scheme, the companies provided investors with Memorandums of Understanding (MOUs), lease deeds, and post-dated cheques as collateral. Initially, the monthly returns were paid, but after a few months, the payments stopped, and the companies were shut down. The police report indicates that a total of 120 investors were defrauded, and the total amount swindled was approximately Rs 24 crore.
The accused 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 Establishments Act, 1999. The Cyberabad police have urged citizens to remain vigilant and to avoid falling victim to schemes that promise unusually high returns on investments without proper due diligence.
The investigation is ongoing, and the police are working to recover the lost funds and bring all those involved to justice. Investors who believe they have been defrauded are advised to come forward and file a complaint. This case serves as a stark reminder of the importance of thorough research and due diligence when considering investment opportunities.
Frequently Asked Questions
How many individuals were arrested in the real estate fraud case in Hyderabad?
Four individuals were arrested in the real estate fraud case in Hyderabad.
What was the total amount of money defrauded from the investors?
The total amount of money defrauded from the investors was approximately Rs 24 crore.
What companies did the accused operate under?
The accused operated under Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd.
What did the accused promise to the investors in exchange for their money?
The accused promised high monthly returns for 100 months and the registration of two guntas (267 square yards) of agricultural land in Tirumalagiri village.
What charges have been filed against the accused?
The accused 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 Establishments Act, 1999.
Related News Articles
Indian Realty Giants Unload Properties Worth Rs 1.17 Lakh Crore in FY24
Leading real estate companies in India, such as Macrotech Developers and Signature Global, have sold properties worth a staggering Rs 1.17 lakh crore in FY24.
Soaring Demand Drives Up Property Prices in Delhi-NCR and MMR
Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50% in the last five years, driven by higher demand and infrastructural developments.
Aditya Birla Real Estate: Pune Launch on the Cards, Expanding in Thane and Sarjapur
In a recent post-earnings call, the management of Aditya Birla Real Estate Ltd, formerly known as Century Textiles and Industries Ltd, announced the upcoming launch of a new project in Pune, along with plans to expand in Thane and Sarjapur.
ACRES 2025 Showcases Over 400 Property Projects in Egypt Pavilion
Organised by the Sharjah Chamber of Commerce and Industry (SCCI) in collaboration with the Sharjah Real Estate Registration Department (SRERD), the ACRES 2025 event is set to feature an extensive array of property projects from Egypt, highlighting the cou
The 23-Year Journey: How a UP Man Purchased Dawood Ibrahim’s Mumbai Shop
Hemant Jain took a significant risk in 2001 by purchasing a Mumbai shop linked to Dawood Ibrahim. Despite numerous bureaucratic obstacles, he finally managed to register the property after a grueling 23-year battle.
What Are the Top 20 Expectations for the Budget 2025-26?
As the Union Budget 2025-26 approaches, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1 (Saturday), the real estate industry and other sectors are bracing for significant changes and potential boosts. Here’s a detailed look