Cyberabad police nab two persons for duping people with pre-launch offers
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police on Monday arrested two persons, who were involved in cheating, criminal breach of trust and collected money from around 200 customers to the tune of Rs.48 crore in the name of pre-launch offers of flats.
The arrested have been identified as Chakka Bhaskar, Chairman of R Homes Infra Developers at AS Raju Nagar in Kukatpally and Sudharani, wife of Chakka Bhaskar, Managing Director of R Homes Infra Developers and resident of Kukatpally.
Based on a complaint lodged by Vadlamudi Manoj Kumar, a businessman from Kompally, the police booked a case against them under provisions of 406, 409 and 420 of Indian Penal Code (IPC) and took up investigations.
According to police, Manoj Kumar invested Rs. 65.50 lakh in various projects promoted by the accused between 2020 and 2021. They promised lucrative returns and rapid development of multiple real estate projects in Yamnampet in Ghatkesar, Kardanur in Patancheruvu and Karamungi in Sangareddy district.
The police said both the accused hatched a plan to collect the money from customers in the guise of pre-launch offers. As per their plan, they did not obtain any proper required permission from the competent authorities and gave publicity and advertisements about their projects using media and social media channels, celebrity endorsements and attractive promotional schemes
They promised that they will hand over the project within a period of three years, otherwise they will give rent of Rs. 6,000 for 2 BHK flat and Rs.8000 for 3 BHK flat. They attracted the customers and made them invest in their projects.
Likewise the accused collected Rs.48 crores from around 200 victims, even after completion of a three years period they did not fulfill their promise and extended the project for different reasons. When buyers insisted on the progress of work and they found absconding, the police said.
In an advisory, the Cyberabad police advised the public to be aware of pre-launch offers before purchasing any property they may verify the legitimacy of the property with legal counsel. The department is committed to prosecuting the fraudsters, cheaters and ensuring justice to victims.
