Retired Police Officer Loses 14.7 Crore in Hyderabad Real Estate Scam
A retired additional superintendent of police was defrauded of 14.7 crore by a conman who promised high returns on real estate investments.
Real Estate ScamHyderabadRetired Police OfficerConmanInvestment FraudReal EstateAug 06, 2024
Over the past 15 months, the accused, identified as Rakesh Manyam, collected the money on different occasions from Reddy, his family members, and relatives, under the pretence of investing in real estate ventures.
According to police, Reddy had known Rakesh and his family through mutual friends since February 2023. Rakesh convinced Reddy to invest in the real estate business by promising high returns. He and his associates often visited Reddy's residence in Gandipet to discuss various investment schemes.
Despite collecting substantial amounts, Rakesh failed to provide any returns. He issued two cheques and then vanished in July, citing a family emergency.
The police are investigating the matter and have urged people to be cautious while investing in real estate.
In a separate development, Dr Reddy's Laboratories invested over Rs 734 crore in a joint venture with Nestle India, while Nestle contributed Rs 705.6 crore. The Hyderabad-based JV, with a paid-up share capital of around Rs 1440 crore, aims to combine expertise in nutritional health solutions for the India and Nepal markets.
Frequently Asked Questions
Who was the victim of the real estate scam?
An 81-year-old retired additional superintendent of police (ASP), B Janardhan Reddy.
How much money was involved in the scam?
14.7 crore
How did the accused convince the victim to invest?
By promising high returns on real estate investments through mutual friends.
What happened to the accused after collecting the money?
He issued two cheques and then vanished in July, citing a family emergency.
Is the police investigating the matter?
Yes, the police are investigating the matter.
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