Villagers in Suryapet Accuse Real Estate Businessman of Rs 11 Crore Fraud
Hyderabad: Tension has been mounting in Srirangapuram village of Kodad town in Suryapet district after villagers alleged that a real estate businessman, Irigilla Jitendra Reddy, defrauded them of nearly Rs 11 crore. The villagers claim that Reddy lured them with promises of high returns on their investments.
Speaking to the media, an official from the Kodad Town Police Station revealed that Reddy had persuaded around 45-50 individuals to invest Rs 7 crore with him, assuring them of attractive interest rates and timely repayment of the principal amount. Trusting his assurances, the villagers handed over large sums of money over a period of time.
However, the businessman allegedly stopped paying interest payments and failed to return the principal amounts as promised. On May 13, Reddy sent out legal notices stating that he would only be able to pay around Rs 9 crore instead of the Rs 11 crore he owed, along with interest. The villagers, however, claimed that Reddy was not revealing all the property he owned and that he had the means to pay back the full Rs 11 crore.
The situation escalated when Reddy bought two plots in his sister’s name on June 1. This action triggered a large group of villagers to stage a protest in front of the businessman’s residence, demanding immediate repayment. The police intervened to disperse the crowd and advised the villagers to approach the civil court. They have also decided to register a cheating case against Reddy.
The villagers are now seeking legal action to recover their investments, which they believed were safe with Reddy’s assurances. The incident has raised concerns about the transparency and accountability of real estate investments in the region, prompting calls for stricter regulations to protect investors.
The local authorities are working to ensure that the villagers' grievances are addressed and that justice is served. Meanwhile, the community remains vigilant and is working together to gather evidence and support for their case against the businessman.
