Real Estate Scam in Hyderabad: Cyberabad Police Arrest Two
The Cyberabad police have arrested two individuals involved in a real estate investment scam, promising high returns on investments in fake land deals in Hyderabad.
Real EstateInvestment ScamCyberabad PoliceHyderabadFraudReal EstateJun 28, 2024
The Case
The Economic Offences Wing (EOW) of Cyberabad police arrested Kalapatapu Lakshmi Prasad, the Managing Director of Subhodayam Infra Pvt Ltd, and Mungaluri Venkata Satya Sudheer, an accountant of the company, for cheating people by promising high returns on investments in real estate ventures. The accused had set up an office at Arunodaya Colony, Madhapur, Hyderabad, and falsely presented various vacant lands in Quilashapur village, Raghunathpally Mandal, Janagaon District, which they did not own, to attract deposits from prospective buyers.
The Modus Operandi
The accused promised high returns and promoted a buyback scheme to deceive innocent people. 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
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. However, the accused failed to register any land for customers or deliver the promised returns, thereby defrauding innocent people.
public Advisory
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 Cyberabad police are committed to protecting the citizens of Hyderabad from fraudulent activities and ensuring that justice is served to those who have been cheated.
Frequently Asked Questions
What is the name of the real estate firm involved in the scam?
The name of the real estate firm involved in the scam is Subhodayam Infra Pvt Ltd.
How much money did the complainant and others deposit in the buyback scheme?
The complainant and others deposited approximately Rs. 3 Crores 16 Lakhs in the buyback scheme.
What is the name of the police station where the case was registered?
The case was registered at PS EOW, Cyberabad.
What is the advice of the Cyberabad EOW Police to the public?
The Cyberabad EOW Police advise 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.
Who is investigating the case?
The case is being investigated by Inspector J. Venkateswarlu of the Economic Offences Wing Police Station, Cyberabad, supervised by Deputy Commissioner of Police K. Prasad, EOW, Cyberabad.
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