The Cyberabad Economic Offences Wing (EOW) arrested two individuals who conned at least 14 Telangana citizens to the tune of ₹3.16 crore in a real estate scam.
The officials arrested Kalapatapu Sri Lakshmi Prasad and Mungaluri Venkata Satya Sudheer who promised high returns on investment in a real estate venture in the name of Subhodayam Infra Pvt Ltd located in Madhapur.
“The two showcased various vacant land parcels at Qilashapur, Jangaon to prospective purchasers in the name of Shubhodayam Kakatiya Infra by promising high returns and later promised a buy-back scheme. The two also appointed marketing agents to bring in more buyers by giving them higher commissions,” the officials explained.
The issue came to light following a complaint by Kalluru Praveen Kumar Reddy. “The duo has conned him and 13 others to the tune of about ₹3.16 crore under the buy-back scheme. They did not register any land for the buyers and failed to deliver the promised returns as well,” the official added.
Investment scam busted
In another case, the EOW team arrested Kunjathbail Mujib Sayyad from Mangaluru who conned 52 Hyderabad citizens of ₹1.66 crore. This followed a complaint by Shaik Ahmed, a resident of Farooqnagar of Ranga Reddy.
“The arrested man along with his associates collected money from citizens in the guise of online investment scheme named ‘Max Crypto Trading’. They promised 3X return on their investment within 150 days and 2% commission in the event of enrolling a new customer. As 52 from Shadnagar and Hyderabad joined in, they initially paid the returns to gain their trust and more customers and later shut down their website and android application, leaving customers in dilemma,” the officials explained.
