Hyderabad: Justice K Lakshman of Telangana High court quashed criminal proceedings launched for offences under Depositors Act and the penal code, including cheating, against V Anand Prasad of TDP and his family members on the file of Bachupally PS of Cyberabad. The complaints related to Bhavya Constructions were lodged by Bhoggeraju Lakshminarayana Murthy, a realtor.
According to the petitioner, the complainant at the instance of the accused had deposited Rs 25 lakh with the accused for Bhavya Real Estate Projects as they were promised returns, including half-yearly interest. He said that the accused who failed to make good the promise had also received money from other 100 persons and cheated them without returning the said amount.
Finding no merits in the complaint, Justice Lakshman pointed out that without any agreement, the contention of the complainant that he had deposited Rs 25 lakh with the accused on the promise that they would pay half-yearly returns at four per cent was unbelievable.
The judge further said it was clear that the persons paid the amount to the company without there being any written agreement between them and the company with regard to the deposit, percentage of returns and in default of payment, registration of land in their favour. Thus, the entire transactions were oral.
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