Nalgonda police arrest three for duping people of Rs 4.5 crore

The police arrested three persons for cheating people to the tune of Rs 4.5 crore from 1,484 gullible persons in Marriguda in the district with a 'single investment, double profit' offer

Nalgonda: The police on Wednesday arrested three persons for cheating people to the tune of Rs 4.5 crore from 1,484 gullible persons in Marriguda in the district with a ‘single investment, double profit’ offer. Police recovered Rs 1.36 crore from the accused, Mamilla Giriprasad (34) from Mamillagudem, Boddu Venkatesh (23) from Bairamalguda and Barla Shekar from Nanakramguda in Hyderabad.

Superintendent of Police Apoorva Rao said Giriprasad and Venkatesh opened a bogus real estate company in the name of Golden Regal Infra developers at Hyderabad. They appointed Shekar as office in-charge with an agreement to extend 0.8 percent of income as his share. They also appointed their agents in Marriguda to lure people to invest money in the fake real estate project by offering double profits to their investment within one year. They also showed documents and a layout at Velminedu in Chityal mandal claiming it as their real estate venture. Their slogan ‘Invest Rs 10 lakh and get Rs 20 lakh in a year’, attracted 1,484 people to invest. To convince the people, they also extended post-dated cheques to the investors. They also enacted a drama of shooting of a movie in a prominent studio under banner of a bogus real estate company, she added.

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The two also conspired to file an Insolvency petition (IP) in the court after collecting a huge amount from people. Based on inputs from sources, the police took up investigation into the fake real estate company and arrested the three. It is learned that the accused targeted people in Marriguda with the aim of fleecing the money they got as compensation for giving lands for the Shivannagudem reservoir.  23KM5: Minister P Ajay Kumar along with BC Sangham leader R Krishnaiah inaugurated the BC Sangham office in Khammam on Wednesday.