4 held in Hyderabad for real estate investment fraud worth Rs 24 crore

Hyderabad: The sleuths of Cyberabad police's Economics Offences Wing (EOW) arrested four accused persons who were involved in cheating and criminal breach of trust with criminal conspiracy, and collected a huge sum of money to the tune of Rs 24 crores under the garb of real estate investment and good returns.

The arrested have been identified as directors of Squares and Yards Infra Pvt Ltd Byra Chandra Shekar, Vemulapally Jahnvi, Garimella Venkata Akhil, and M/s Ad Avenues Director Reddipalli Krishna Chaitanya. These four individuls have been accused of manipulating the customers and investors in the guise of investment and good monthly returns, and cheating a total of Rs 24 crores from as many as 120 people.

The accused attracted the customers/investors with their buy back scheme explaining that if any person deposits an amount of Rs 17 lakhs in their company, they will give Rs 30,000 every month for a period of 100 months and register two guntas around 267 sq yards of agriculture land at Tirumalagiri village, Balanagar mandal in Mahabubnagar district.

They also promised the customers that they sandalwood plants will be planted on the said land, and that they will share 50 per cent of the profit from selling the sandalwood trees to the customers/investors, after 13-15 years. They gave MoU, lease deeds and post-dated cheques to the victims as collateral security. After collecting money from the victims, the accused paid monthly returns for a few months only, later they failed to fulfil their promise and closed their company, said Cyberabad police EOW DCP K Prasad.