Hyderabad: Four individuals were arrested on Thursday, October 24, for defrauding investors by promising high returns through two companies.
The accused, identified as Byra Chandra Shekar, Vemulapally Jahnvi, and Garimella Venkata Akhil—directors of Squares and Yards Infra Pvt Ltd—and Reddipalli Krishna Chaitanya, director of Ad Avenues, are all natives of Andhra Pradesh. Their arrests followed a complaint from Allam Nagaraju, a resident of KPHB Colony in Hyderabad.
According to the police, the suspects operated under Squares and Yards Pvt Ltd and Ad Avenues Pvt Ltd, enticing investors with a buyback scheme that promised high monthly returns for 100 months.
They solicited investments of Rs 17 lakh in exchange for registering two guntas (267 square yards) of agricultural land in Tirumalagiri village, Balanagar mandal, Mahbubnagar, and claimed that sandalwood would be cultivated on the plots to generate further profits.
The companies provided investors with Memorandums of Understanding (MOUs), lease deeds, and post-dated cheques as collateral. Initially, they paid monthly returns for a few months but later ceased payments and shut down the companies.
The police report indicates that the accused collectively defrauded around 120 investors, amassing approximately Rs 24 crore.
The individuals have been charged under various sections of the Bhartiya Nyaya Sanhita (BNS), including criminal breach of trust and cheating, as well as Section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999.
The Cyberabad police have urged citizens to remain vigilant and avoid falling victim to schemes promising unusually high returns on investments without proper due diligence.
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