HYDERABAD: Cyberabad police have registered a case against AV Infracon, a Madhapur-based private company, for allegedly duping hundreds of people by promising high returns on investments. While the victims claim the scam could be worth around Rs 500 crore, the complaint states that the cheated amount is Rs 2.5 crore so far.
The complaint was initially lodged at the Madhapur police station five months ago. The accused have been absconding since. Recently, the Economic Offences Wing (EOW) took over the case, and statements from several victims were recorded on Saturday.
According to one of the victims, the company launched various investment schemes, including buyback and freelance offers, promising 50% returns within a year. “Many people invested Rs 10 lakh, Rs 15 lakh, and some even invested Rs 1 crore,” the victim said.
The company initially returned money to a few investors, which encouraged others to invest. “Once a large number of people had put in money, they stopped repayments,” he added.
In some cases, the company registered plots of land under the buyback scheme, but the land value was reportedly only 20% of the invested amount. “We urge the Cyberabad Commissioner of Police to take strict action and ensure justice,” the victim said.