Cyberabad Police Busted Real Estate Fraud Racket: Two Arrested
Hyderabad, March 15 (Maxim News): The Economic Offence Wing (EOW) of Cyberabad has busted a real estate fraud racket and arrested the accused. Tammineedi Sri Venkata Ramana Prasad, MD for JJ Infra Pvt Ltd, Madhapur, Hyderabad, and Kusaraju Venkata Ratnam, Marketing Agent in JJ Infra India Pvt. Ltd
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According to K.Prasad, Dy commissioner of Police, EOQ, Cyberabad, revealed a large-scale real estate fraud perpetrated by Tammineedi Sri Venkata Ramana Prasad, Korrapati Venkata Ratnam, Venkata Chiranjeevi, Vithal Reddy, among others, linked to JJ Infra India Pvt. Ltd in the year 2012 and other different companies.
This meticulously organized scheme involved falsely promising high returns on real estate investments, affecting numerous individuals and attracting innocent people with promising monthly rents since 2021. The accused employed various channels, including Tele-calling, newspaper advertisements, and attractive brochures, falsely representing ownership of lucrative properties to entice potential investors. Despite not having any legal rights over the property, they showed open lands in prime localities to the victims with a promise to complete the project within 3 years. They offered commercial space at ₹10,000 per set and promised a monthly rent of ₹100 per set.
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They even promised to double the amount in 30 months on their investment and made false agreements as collateral security for investments in Maheshwaram open plots and agricultural lands at Amangal. Payments were primarily demanded in cash with receipts issued under
different company names, misleading investors about the legitimacy of their investments. The accused showed properties purported to be profitable investment opportunities. These included open plots and potential commercial mall sites in prime locations like Maheshwaram, Amangal, Gachibowli, and near Hitex, with specific sites highlighted opposite the Radisson hotel in Gachibowli and Shilparamam.
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Despite promises of high returns and property registrations, the company became unresponsive over time, eventually absconding and failing to honor agreements, resulting in significant financial and emotional distress for the victims. The fraudulent operations extended to issuing bounced cheques and falsifying ownership documents, MOUs, and receipts. The accused misrepresented the ownership of several pieces of land, including those in Amangal and opposite notable landmarks in Gachibowli and Hitech, collecting substantial amounts from the public under false premises.
Eight victims, with a total amount defrauded amounting to ₹3,56,00,000. There are as many as 10 to 15 victims, and the cheating amount could be around 7 crores.
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The accused have a history of fraudulent activities under different company names, including JJ Infra India Pvt. Ltd., Tarini Avenues LLP, and others, with allegations of public deception in other cities as well.
The case is being investigated by Dr. S. Ravinder, Asst. Commissioner of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of Sri. K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad. (Maxim News)
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