HYDERABAD: The Economic Offences Wing (EOW) of the Cyberabad Commissionerate has arrested Ramavath Madhu for allegedly cheating over 30 persons of Rs 6.58 crore in the name of investments.
Police said the accused, along with others, lured victims with a scheme promising an initial payout of Rs 5 lakh, allotment of a 102-square yard plot, monthly payments of Rs 25,000 for 42 months and an insurance cover of Rs 5 lakh.
The accused claimed to have developed a 16-acre DTCP-approved venture, ‘Subhakshetra’, in Damargidda village of Sangareddy district and operated an office in Miyapur under the name Subhakshetra Projects Private Limited.
Believing the promises, victims took loans and pledged gold to invest. However, police said the land was not fully purchased at the time of collecting money, and neither were the plots registered nor monthly payments made.
When victims demanded refunds, the accused allegedly delayed payments, citing a lack of funds. The victims later approached the EOW, which registered a case and launched an investigation.
Police said Madhu is also an accused in another criminal intimidation case registered at Panjagutta police station, in which singer-actor Satyavathi alias Mangli is a co-accused.