Hyderabad, Oct.24 (NSS): The EOW Police of Cyberabad arrested four persons, who were involved in Cheating, Criminal Breach of Trust with criminal conspiracy and collected huge money from complainant and others to the tune of Rs 24 crore in the name of investment and good returns.
Byra Chandra Shekar, Director, Squares & Yards Infra Pvt Ltd of Moosapet, Hyderabad and native of Chilakaluripeta, AP State. Vemulapally Jahnvi, Director of Squares and Yards Infra Pvt Ltd, of My Home Avatar, Narsingi village, Hyderabad and native of Vijayawada, AP State, Garimella Venkata Akhil, Director of Squares and Yards Infra Pvt Ltd, of Kukatpally, Hyderabad and native of Ibrahimpatnam, NTR District, AP State, Reddipalli Krishna Chaitanya, Director of M/s Ad Avenues, R/o Miyapur, Hyderabad, N/o Vijayawada, AP State.
Complainant is Allam Nagaraju of KPHB Colony, Hyderabad and native of Visakhapatnam, AP State.
The accused have induced the customers/investors in the guise of investment and good monthly returns and cheated about 120 members and collected amount around Rs 24 crores. The fraud was committed together by the Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd companies.
The accused attracted the customers/investors with their buyback scheme explaining that if any person deposit an amount of Rs 17 lakh in their company, they will give Rs 30,000/- every month for 100 months and register two guntas (267 sq.yards) agriculture land at Tirumalagiri village, Balanagarnagar Mandal, Mahboobnagar District.
They also promised the customers that they will plant sandalwood plants in the land so that after 13 to 15 years by selling the sandalwood trees they will share 50% profit to the customers/investors. The accused persons gave MOU, Lease Deeds and post-dated cheques to the victims as collateral security. After collecting money from the victims, the accused paid monthly returns for a few months only, later they failed to fulfil their promise and closed their company.
The Cyberabad EOW Police advised to the public that be aware of fraudsters, cheaters and do not to invest money without proper enquiry in the name of good returns. The department is committed to prosecuting the fraudsters, cheaters and ensuring justice to victims.
The case is being investigated by J. Venkateswarlu, Inspector, Economic Offences Wing PS, Cyberabad under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad.
