HYDERABAD: The Cyberabad Economic Offences Wing (EOW) busted a large-scale real estate fraud operation perpetrated by JJ Infra India Private Limited and its associates.
The accused, Tammineedi Sri Venkata Ramana Prasad, Kosaraju Venkata Ratnam, and others, are alleged to have swindled investors of Rs 3.56 crore.
The accused lured victims with promises of high returns on investments in plots and commercial spaces. They used telemarketing, newspaper ads, and brochures to create a facade of legitimacy, falsely claiming ownership of lucrative properties in prime locations like Maheshwaram, Amangal, Gachibowli, and near Hitex.
The scheme banked on false promises where the accused had assured unrealistic returns, like doubling the investment in 30 months, and monthly rents exceeding the purchase cost per square foot.
They misled investors by showing open lands without legal ownership and issuing fake agreements and receipts under different company names to conceal their tracks.
Estimates suggest the fraud could be as high as Rs 7 crore, with about 10 to 15 victims being involved.
The investigation revealed that the accused had a history of similar fraudulent activities under different company names, including Tarini Avenues LLP. They are suspected of targeting investors in other cities as well.
The Cyberabad EOW has arrested Tammineedi Sri Venkata Ramana Prasad and Kosaraju Venkata Ratnam, under the supervision of K Prasad, Deputy Commissioner of Police, EOW, who is leading the investigation.