1 week ago
Two arrested in Telangana over alleged real estate investment fraud
Police in Telangana arrested two people accused of cheating investors.
The accused allegedly promised people high returns from real estate investments.
One complainant said he gave them Rs 1.40 crore through bank accounts and Rs 30 lakh in cash.
The accused returned some money as profit but delayed returning the rest.
This made the complainant suspect that he had been cheated.
Police said the group may have collected about Rs 13.31 crore from 16 people.
A third person is also accused but has not been found.
Police are checking bank records and have seized vehicles and property documents.
Two people were arrested in Adilabad district on September 11 over alleged real estate investment fraud.
Police said the accused collected Rs 1.40 crore through bank transfers and Rs 30 lakh in cash from one complainant.
Investigators found that approximately Rs 13.31 crore was collected from 16 people.
A third accused was named in the case but remains absconding, police said.
Police seized two vehicles and documents related to plots and properties while examining bank transactions.
- Who
- Two main accused were arrested; a third accused is absconding. Police identified the complainant but did not name him.
- What
- Police allege that the accused fraudulently collected money by promising high returns from real estate investments.
- Where
- Adilabad district, Telangana.
- When
- The complaint was lodged on September 9, and the two main accused were arrested on September 11.
- Why
- Police allege that the accused sought to make easy money by gaining people’s confidence and soliciting investments.
Key facts
- Amount from complainant
- Rs 1.40 crore through bank accounts and Rs 30 lakh in cash
- Total amount under investigation
- Approximately Rs 13.31 crore
- Number of alleged investors
- 16 people
- Case registration
- A cheating case was registered following a complaint lodged on September 9
- Arrests
- Two main accused were arrested on September 11 and remanded
- Other accused
- A third accused is absconding
- Seized material
- Two vehicles and documents related to plots and properties
Sources
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