Hyderabad Couple Arrested for Rs 48 Crore Real Estate Fraud
The Hyderabad police have arrested a married couple for a real estate fraud amounting to Rs 48 crore. The Economic Offences Wing (EOW) of Cyberabad police has urged the public to verify the legitimacy of any property with legal counsel before making an in
Real Estate FraudInvestor ProtectionHyderabadChakka BhaskarR Infra DevelopersReal Estate NewsNov 25, 2024
The arrest came after a complaint from a Hyderabad-based businessman who invested Rs 65 lakh between 2020 and 2021 in different projects promoted by R Infra Developers. The projects included the Bliss Heights Project in Yamnampet, Ghatkesar; ORR Heights Project in Kardanur, Patancheruvu; and various farmland projects in the Sangareddy district, specifically in Karamungi and Murigi villages of Nagilgidda mandal and Cheemalpahad village of Sirgapur mandal.
According to the police, the couple ran their real estate company, R Infra Developers, from Kukatpally’s AS Raju Nagar. They used wide-ranging promotions and advertisements, including celebrity endorsements, to gain the trust of investors. The company offered flats at rates lower than the market price and promised to deliver the completed projects within three years. However, they failed to fulfill their promises and even went into hiding when investors tried to reach out to them.
The Cyberabad EOW Police have issued a strong advisory to the public, cautioning them about the risks associated with such pre-launch offers and schemes by real estate organizations. They have urged citizens to verify the legitimacy of any property with legal counsel before making any investments. This is to ensure that potential investors do not fall prey to similar fraudulent activities.
R Infra Developers had managed to raise a substantial amount of Rs 48 crores from investors through their misleading promises and promotional campaigns. The police are now investigating the case to recover the funds and bring the perpetrators to justice.
In light of this incident, the EOW has also launched a public awareness campaign to educate citizens about the importance of due diligence when investing in real estate. They have emphasized the need to verify the credibility of the developers, the legality of the projects, and the terms and conditions of the investment.
The police have called on any other victims to come forward and register their complaints. By working together, the law enforcement agencies and the public can help prevent such fraudulent activities and protect the interests of investors in the real estate market.
For more information about the Economic Offences Wing (EOW) of Cyberabad police, please visit their official website or contact their helpline. The EOW is a specialized unit dedicated to fighting economic crimes and ensuring a safe and secure investment environment for the public.
Frequently Asked Questions
Who were the individuals arrested in the Hyderabad real estate fraud?
The individuals arrested are Chakka Bhaskar and his wife, Sudharani Chakka, who were running a real estate company called R Infra Developers.
What was the total amount involved in the fraud?
The total amount involved in the fraud was Rs 48 crore.
What projects did R Infra Developers promote?
R Infra Developers promoted projects such as the Bliss Heights Project in Yamnampet, Ghatkesar; ORR Heights Project in Kardanur, Patancheruvu; and various farmland projects in the Sangareddy district.
What advice did the police give to the public?
The police advised the public to verify the legitimacy of any property with legal counsel before making an investment and to be aware of the potential risks of pre-launch offers and related schemes.
What should other victims do if they have been affected by this fraud?
Any other victims are urged to come forward and register their complaints with the Economic Offences Wing (EOW) of Cyberabad police.
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