HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police on Tuesday arrested Gogula Lakshmi Vijaya Kumar, chairman and managing director of AV Infracon Pvt Ltd, for allegedly cheating investors of Rs 8 crore through fraudulent buyback and pre-launch schemes.
According to police, the accused lured depositors with false promises of high returns on real estate investments. Since 2021, he and his associates operated under the guise of a legitimate business, collecting funds and diverting them into other ventures.
The accused reportedly executed agreements of sale, MoUs and sale deeds to create an illusion of legal security. However, in most cases, neither were plots registered nor funds returned.
In one scheme, investors were promised 50% returns on deposits of Rs 10 lakh to Rs 20 lakh after one year. In the buyback scheme, land would be registered in the investor’s name and later “bought back” by the company with added returns.
Under the pre-launch scheme, 2BHK flats were offered at low prices in high-rise or semi-gated projects, with promises of possession within two years and high profits.
Police said these were part of a premeditated plan to mislead investors by falsely claiming ownership of land and launching fictitious projects.
An investigation is ongoing to trace other accused, recover diverted funds and return money to the victims.