The arrested fraudsters include M Chandra Reddy and M Aruna, partners of Gayathri Infra Private Limited in Kondapur.
Hyderabad: The Cyberabad Economic Offences Wing (EOW) on Friday arrested two persons on charges of cheating investors to the tune of Rs 3.1 crore promising good returns on investments in lands with buy back schemes.
The arrested fraudsters include M Chandra Reddy and M Aruna, partners of Gayathri Infra Private Limited in Kondapur.
According to the police, the suspects induced investors in the guise of developing open plots in Sadashivpet, Sangareddy district and getting good returns with huge profits and cheated more than 9 individuals by collecting Rs 3.1 crore.
“The suspects attracted the investors with their buy back scheme explaining that if any person deposit in their project they will give open plot approximately 1600 square yards or Rs 1.6 crore,” police said.
They also promised the investors that they will develop the land for an extent of 102 acres as open plots and give profits to the investors. They gave sale deeds, post-dated cheques and cash receipts to the victims as collateral security to gain the trust of the customers.
After collecting money from the victims, the suspects only paid partial amounts to some of the victims later they failed to fulfill their promise.
