EOW Cyberabad busts large-scale real estate fraud, arrests suspect
The arrested suspects were identified as Tammineedi Sri Venkata Ramana Prasad, MD, and Kosaraju Venkata Ratnam, Marketing Agent, in JJ Infra India Pvt. Ltd. Madhapur.
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad busted a real estate fraud racket and arrested the suspect for falsely promising high returns on real estate investments affecting numerous individuals.
The arrested suspects were identified as Tammineedi Sri Venkata Ramana Prasad, MD, and Kosaraju Venkata Ratnam, Marketing Agent, in JJ Infra India Pvt. Ltd. Madhapur.
The EOW revealed a large-scale real estate fraud allegedly perpetrated by Tammineedi Sri Venkata Ramana Prasad, Korrapati Venkata Ratnam, Venkata Chiranjeevi, Vithal Reddy, among others, in the year 2012.
The suspects employed various channels, including telecalling, newspaper advertisements, and attractive brochures, allegedly falsely representing ownership of lucrative properties to entice potential investors.
Despite not having any legal rights over the property, they reportedly showed open lands in prime localities to the victims with a promise to complete the project within three years. They offered commercial space at Rs 10,000 per sft and promised a monthly rent of Rs 100 per sft.
They even promised to double the amount in 30 months on their investment and made false agreements as collateral security for investments in Maheshwaram open plots and agricultural lands at Amangal.
The company however allegedly became unresponsive over time, eventually absconding and failing to honour agreements.
Eight victims, with a total amount defrauded amounting to Rs 3,56,00,000 and there were as many as 10 to 15 victims, and the cheating amount could be around Rs 7 crore, the EOW said in a press release.
