Police in Cyberabad dismantled a Rs 3.5 crore real estate ring
A massive real estate fraud scheme run by JJ Infra India Private Limited and its affiliates was exposed by the Cyberabad Economic Offences Wing (EOW).
It is stated that the defendants, Tammineedi Sri Venkata Ramana Prasad, Kosaraju Venkata Ratnam, and others, utilized a well-thought-out plot to defraud investors of Rs 3.56 crore.
With the promise of large profits on investments made in commercial premises and plots, the accused enticed victims. They created a façade of legality by using telemarketing, newspaper advertisements, and brochures, pretending to be the owners of profitable properties in sought-after areas such as Maheshwaram, Amangal, Gachibowli, and close to Hitex.
The plan relied on deceptive claims made by the accused, who promised irrational profits such as tripling the investment in 30 months and monthly rentals higher than the price per square foot of purchase.
To hide their tracks, they issued fictitious agreements and receipts under multiple business names, misleading investors by displaying open properties that were not legally theirs.
It is estimated that between 10 and 15 people might be implicated in a scam that could cost up to Rs 7 crore.
The results of the inquiry showed that the defendant had a history of committing similar fraud under other business names, including Tarini Avenues LLP. It is thought that they are also going for investors in other cities.
Tammineedi Sri Venkata Ramana Prasad has been arrested by the Cyberabad EOW, and Kosaraju Venkata Ratnam is in charge of the investigation under the direction of K Prasad, Deputy Commissioner of Police, EOW.
