Hyderabad: The Director of AV Infracon Pvt. Ltd., Thimmiri Samuel, was arresred by the Cyberabad Economic Offences Wing (EOW) police on Wednesday, July 23, for his involvement in a massive financial scam relating to spurious real estate investment schemes, near his residence in Hyderabad’s Banjara Hills.
Managing director Samuel, along with the Managing Director of the company, Gogula Lakshmi Vijaya Kumar, has been charged with cheating more than 150 individuals of about Rs 20 to 25 crore under fraudulent investment, buy-back, and pre-launch offers in the name of AV Infracon Pvt. Ltd. and AV Organo Farms Pvt. Ltd.
The were booked under secions 316(2), 318(4) of the Bharatiya Nyaya Sanhita, 2023, and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.
Fake schemes, false promises
The accused, as per the local police in Hyderabad, misled investors by assuring them of high returns on real estate-based schemes. Under the so-called “investment scheme,” depositors were assured 50 percent extra on a Rs 10 lakh deposit in a year.
In the “buy-back scheme,” customers were given duplicate land registrations with an assurance of repurchase at a premium. The “pre-launch scheme” fraudulently assured 2BHK flats at low prices in upcoming high-rise projects with guaranteed handover in two years.
To deceive victims, the accused signed sale agreements, MoUs, and even false sale deeds, without registering any actual plots or refunding deposited sums.
Real estate projects across Hyderabad, other districts
The fake real estate ventures were floated in several places around Hyderabad including such as Morigi (Sangareddy), Komshetpally (Vikarabad), Pembarthy (Janagaon), Kondapur (Ghatkesar), Nagaram (Keesara), and Chowdargudem and Narapally in Medchal-Malkajgiri.
Gogula Lakshmi Vijaya Kumar, the MD, was earlier arrested on June 25 and is at present in judicial remand.
Ongoing investigation
The police stated that the accused started operations in 2021 in Hyderabad and siphoned off real estate investor funds for other businesses. An investigation has been initiated to track the the funds and retrieve depositors’ money.
A case is being investigated by ACP M Hussaini Naidu, under the supervision of DCP A Muthyam Reddy (Crimes & EOW), Cyberabad.
Cyberabad police have warned people to be careful while investing in buy-back or pre-launch schemes and confirm the genuineness of companies with the concerned regulatory authorities like GHMC, HMDA, RERA, and DTCP.
