Two Arrested for 7 Crore Scam in Hyderabad, ET RealEstate
HYDERABAD: Two persons were arrested by Cyberabad’s Economic Offences Wing for allegedly duping several investors of 7 crore.
Police said that MD of JJ Infra Pvt Ltd, T Venkata Ramana Prasad, and his marketing agent K Venkata Ratnam, were arrested after complainants from several victims.
They allegedly lured people with false promise of high returns on real estate investments, besides promising monthly rent since 2021.
“The accused used various means like telecalling, advertisements and brochures. They falsely represented ownership of lucrative properties. They showed victims different open plots (in Maheshwaram, Amangal and Gachibowli) and promised to complete the project within three years. They offered commercial space at 10,000 per sq ft and monthly rent of 100 per sq ft,” police said.
“Later, they became inaccessible,” police said.
