8 held in Cyberabad for duping depositors in the name of buy back open plots scheme
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad on Friday arrested four persons on charges of collecting deposits from innocent people in the name of buy back open plots policy scheme and failing to pay the amount invested along with interest.
The arrested have been identified as Kalidindi Pavan Kumar, managing director of 12Wealth Capital Services Private Limited and his associates, Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya, the police said.
Based on a complaint from Nayani Harikanta of KPHB Colony, the Cyberabad police booked a case under Sections 316 (2), 318 (4), 61 (2) of BNS and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act-1999 and arrested them.
Explaining the modus operandi of the arrested persons, Cyberabad EOW Deputy Commissioner of Police, K Prasad said the accused has introduced buy back open plots scheme for 25 months in which each customer have to buy minimum two guntas of land for which customers have to pay Rs. 8.08 lakh including registration charges.
The company would then give four per cent profit to each customer every month which is Rs.32,000 for 25 months. The business associate would get one per cent commission amounting to Rs.7200 per month for 25 months for joining customers.
The accused collected approximately Rs. 300 crore from 3600 members but failed to return the amount invested by depositors along with the interest.
In an advisory, the Cyberabad police asked the people to be aware of unauthorised layouts and not to become victims to fraudsters. The department is committed to prosecuting the fraudsters and ensuring justice to victims.