Nalgonda: The police on Wednesday arrested three persons for cheating people to the tune of Rs 4.5 crore from 1,484 gullible persons in Marriguda in the district with a ‘single investment, double profit’ offer.
Police recovered Rs 1.36 crore from the accused, Mamilla Giriprasad (34) from Mamillagudem, Boddu Venkatesh (23) from Bairamalguda and Barla Shekar from Nanakramguda in Hyderabad.
Superintendent of Police Apoorva Rao said Giriprasad and Venkatesh opened a bogus real estate company in the name of Golden Regal Infra developers at Hyderabad.
Advertisements
They appointed Shekar as an officer in charge with an agreement to extend 0.8 percent of income as his share. They also appointed their agents in Marriguda to lure people to invest money in the fake real estate project by offering double profits to their investment within one year.
They also showed documents and a layout at Velminedu in Chityal mandal claiming it as their real estate venture. Their slogan ‘Invest Rs 10 lakh and get Rs 20 lakh in a year’, attracted 1,484 people to invest. To convince the people, they also extended post-dated cheques to the investors. They also enacted a drama of shooting a movie in a prominent studio under the banner of a bogus real estate company, she added.
The two also conspired to file an Insolvency petition (IP) in the court after collecting a huge amount from people. Based on inputs from sources, the police took up an investigation into the fake real estate company and arrested the three.
Advertisements
It is learned that the accused targeted people in Marriguda with the aim of fleecing the money they got as compensation for giving lands for the Shivannagudem reservoir. 23KM5: Minister P Ajay Kumar along with BC Sangham leader R Krishnaiah inaugurated the BC Sangham office in Khammam on Wednesday.
Next Story:
-
BRS Celebrates 23rd Foundation Day Across Telangana
BRS celebrated its 23rd Foundation Day across the State, today, the party, founded as Telangana Rashtra Samithi by K.Chandrashekhar Rao and others who were strong sympathisers for the separate Telangana state in the year 2001, was renamed as BRS by transforming into a national party in 2022.
-
Youth Booked For Women Harassment In Kacheguda
A youth was booked for allegedly harassing a woman on a popular social networking platform on the pretext of love in Kacheguda on Saturday.
-
CM Revanth Meets CPM Leaders
Ahead of the Lok Sabha elections, Chief Minister Revanth Reddy sought the support of the CPM State unit for the Congress party in Bhongir and other parliamentary constituencies in the state.
-
Sameer Waliullah Calls on People to Vote Thoughtfully in Lok Sabha Elections 2024
Hyderabad DCC President Mohammed Sameer Waliullah called on the people of Hyderabad to vote thoughtfully in the upcoming general elections.
-
ISRO Employee Held For Job Fraud at Kacheguda
An ISRO employee was arrested on charges of cheating a job aspirant to the tune of Rs. 20 lakhs promising a job in the organization at Kacheguda on Friday.
Now you can get the latest stories from Hydnow every day. Click the link to subscribe. Click to follow Hydnow’s Facebook page and Twitter and Instagram