Businessman held for cheating investors

"Within a span of three years they persuaded innocent people to deposit money into their venture with a promise of monthly interest apart from principal deposits.

Hyderabad: The Cyberabad Economic Offences Wing (EOW) busted a racket of pre-launch offer of open plots in the name of “Highway Paradise’ at Venkatapuram village in Sangareddy and arrested one person on charges of duping investors to the tune of crores of rupees.

Police said the suspect Obili Papannagari Rama Chandra Reddy from Madhapur, who owns Obili Housing along with V.B Gupta, Managing Director of Prathista Properties and other marketing agents had colluded and allegedly induced people that they were developing land in 200 acres in Sadasivpet.

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“Within a span of three years they persuaded innocent people to deposit money into their venture with a promise of monthly interest apart from principal deposits.

On that innocent depositors transferred huge amounts into the accounts of the suspects.

However, they cheated the depositors,” said a senior EOW official. There are about 50 victims, with a total defrauded amount between Rs 10 crore to Rs 15 crore.

Based on a complaint, a case was booked and the suspect was nabbed.