Realtors cheat 600 persons of Rs 150 crore

Hyderabad:Approximately 600 persons have reportedly lost Rs 150 crore that they had invested with RJ Ventures, which promised lucrative real estate investments in the name of apartments in Narayankhed, Ghatkesar and Patancheru.

The victims initially approached Hyderabad CCS where they were directed to Cyberabad police citing jurisdiction issues. The victims then approached the Cyberabad police, whose economic offences wing recorded their complaint and began investigations.

According to the complainants, RJ Ventures managing director Bhaskar Gupta and director Sudharani lured them in the name of farmlands by promising both management and profits.

The scheme, which was conspired by the realtors in 2020, tempted people into investing large sums of money ranging from `20 lakh to `50 lakh by offering them a chance to participate in profitable land and property deals and earning handsome returns.

As there was no development or construction activity as was promised, the investors realized that they were cheated and turned up at the Hyderabad CCS and shared their agony.

They also urged the authorities to seize and sell the assets of RJ Ventures to compensate for their financial losses.