Cyberabad EOW Nabs Duo in Rs 3.1 Cr Real Estate Scam

Hyderabad:The Economic Offences Wing (EOW) of the Cyberabad police arrested two persons for allegedly cheating people of `3.1 crore in the name of real estate investment and good returns with a buyback scheme.

According to the police, the accused were identified as Maguluri Chandra Reddy and Maguluri Aruna alias Aruna Kumari, residents of Kondapur. Police had received a complaint from Jonnala Srinivasa Reddy, a resident of Nizampet.

According to the police, the accused persons had induced about nine investors with the promise of huge profits. Initially, they established an office in Madhapur and offered investors open plots at Sadashivpet mandal in Sangareddy district. They made investors invest in their project by promising an open plot of approximately 1,600 square yards of land or `1.60 crore as a return.

They also promised the customers that they would develop another 102 acres as open plots and share profits with the investors. The accused persons gave MoUs, sale deeds, post-dated cheques and cash receipts to victims as collateral security to gain their trust. After collecting money from the victims, the accused paid partial amounts to some of the victims and later they failed to fulfill their promise.