Hyderabad: A married couple was arrested by the economic offences wing (EOW) of Cyberabad police on Monday, November 25, in a real estate fraud of Rs 48 crore, promising high returns on various projects in Hyderabad.
The arrested have been identified as Chakka Bhaskar and his wife Sudharani Chakka, who were running a real estate company at Kukatpally’s AS Raju Nagar, under the name of R Infra Developers.
According to the police, the police received a complaint from a Hyderabad-based businessman, who, between 2020 and 2021, invested Rs 65 lakh into various projects that were promoted by R Infra Developers.
He was promised lucrative returns from various infra projects including the Bliss Heights Project in Yamnampet, Ghatkesar; ORR Heights Project in Kardanur, Patancheruvu; various farmland projects in Sangareddy districts including Karamungi and Murigi villages of Nagilgidda mandal and Cheemalpahad village of Sirgapur mandal.
The arrested duo had raised investments to the tune of Rs 48 crores, including the complainant, as a pre-launch offer price for residential infra projects. The company gave wide promotion and advertisements across various platforms, with celebrity endorsements, etc., and gained the trust of investors, the police added.
3 held for kidnapping baby boy from hospital after having 3 girls
The company offered flats lower than market rates and promised to hand over finished projects within three years, but upon completion of the assured time, they did not fulfil the promises they made to the investors and also absconded when the investors reached out to the arrested duo, the police said in a statement.
The Cyberabad EOW Police advised the citizens to be aware of the potential risks of similar pre-launch offers and related schemes of real estate organisations. The police urged the public to verify the legitimacy of the property with legal counsel, before purchasing any property.
