Hyderabad: The Cyberabad Police on Thursday, May 28, booked three directors of a Hyderabad-based construction firm for allegedly defrauding investors of Rs 4.52 crore by promising returns of 24 per cent.
According to the Economic Offences Wing (EOW) of the Cyberabad Police, the directors of Rohit Infra – Mohan Reddy, Rohit Reddy and another associate – promoted a project titled Botanical Eco-Living Spaces at Munipally and Polkampally villages in Sangareddy district and collected investments from 11 people.
The case was registered based on a complaint filed by Cheruku Venkatesham, a resident of Saroornagar, who invested Rs 43 lakh in the project in 2023 after being assured attractive returns and a buyback arrangement.
In his complaint, Venkatesham stated that he invested the amount between June 27 and July 3, 2023. As part of the transaction, the company executed a sale deed in his name for 25 guntas of land.
The firm also issued two cheques worth Rs 65.62 lakh under a buyback agreement, valid until November 3, 2024. However, when Venkatesham later approached the company seeking repayment, the directors allegedly began avoiding him and failed to honour the commitment.
Police have registered a case and launched an investigation into the alleged fraud.
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