A gang of four persons was busted by the Cyberabad Economic Offences Wing (EOW) in a ₹24 crore investment scam that targeted 120 individuals across Hyderabad.
Byra Chandra Shekar, Vemulapally Jahnvi and Garimella Venkata Akhil, all directors of Squares and Yards Infra Pvt Ltd., and Reddipalli Krishna Chaitanya, director of M/s Ad Avenues, were arrested following a complaint by Allam Nagaraju.
According to the Cyberabad EOW DCP K. Prasad, the fraud was collectively executed by Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd from their office in Manjeera Trinity Corporate in Kukatpally, which was later shifted to Kavuri Hills in Jubilee Hills before closing down.
“The accused lured the victims with their buy back scheme in which if an individual deposits ₹17 lakh, the company would pay ₹30,000 every month for 100 months and register two guntas (267 square yards) of agriculture land in Thirumalagiri village in Balanagar mandal of Mahabubnagar,” the official explained.
The accused also promised the investors that they will plant sandalwood plants in the land and share 50% profit obtained from selling them in the next 15 years. To make the fraud look real, they also gave the victims MoU, lease deeds and post-dated cheques as ‘collateral security’.
After collecting money from the victims, the accused paid monthly returns for a short period and later shut down the company.
Published – October 25, 2024 12:49 am IST
