Hyderabad: The top management of Sandstone Infra Private Limited was arrested in the case of allegedly cheating people under the guise of high returns to investments for open plots in the Sangareddy district.
The police in a press release on Tuesday, April 16, said that a complaint was received from seven individuals stating that Sandstone Infra India Pvt. Ltd represented by its managing director Malikireddy Chandra Sekhara Reddy and occ. director Yeruva Srilaxmi, who are also a couple, made false promises under the guise of high returns to investments for open plots at “Spring City Phase-I” and “Spring City Phase-II” projects at Sultanpur village, Ameenpur mandal and collected a total of Rs. 86,75,500 from them.
The police further said that in the course of an investigation, they came to know that there were more than 25 victims from whom the accused took the deposits, but neither completed the projects nor returned their amounts.
“The accused persons, Malikireddy Chandra Sekhara Reddy and Yeruva Srilaxmi were arrested and sent to judicial remand on Tuesday, April 16,” the police informed.
The case was filed under sections 406 (criminal breach of trust), 420 r/w 120-B (criminal conspiracy) IPC and section 5 of the TSPDFE Act (Telangana Protection of Depositors of Financial Establishments Act).
