₹25 crore investment fraud: Firm director held

Cyberabad police ‘Economic Crime Wing (EOW), M/S AV InfraCon Pvt. Ltd., in connection with a large -scale investment fraud of more than 25 Crore.

He was arrested on Wednesday near his house in Banjara Hills. This comes after the company’s general manager Gogula Lakshmi Vijaya Kumar was detained in June and arrested for judicial custody.

The police said that two of them encouraged people to invest in their initiatives with some, M/S Av InfraCon Pvt. LTD and M/S AV ORGANO FARMS PVT. LTD, with false promises under the guise of profitable real estate returns. At least 150 people were defrauded.

Investigations have shown that the duo has made a series of deceptive plans including investment plans, repurchase regulations and housing proposals before the launch since 2021. These plans promised high returns and supported with legal documents, including sales agreements, understanding memorandum and sales actions, and misleading to believe that deposit holders’ investments are safe.

In one plan, depositors were promised 50% return to 10 lakh investments a year later. In another, land parcels were recorded in the deposit with 50% extra repuriration assurance to the names of investors. The third scheme contained the promise of offering two -bedroom apartments in high -rise or semi -door projects, presenting significantly reduced rates, and transferring them in two years.

However, according to the Cyberabad police, the land was either not available or not properly registered. The defendants could not return the promised funds or delivered the property. The initiatives took part in various areas in Haydarabad and its surroundings, Morigi in Sangarereddy, Komshetpally in Vikarabad, Pembarthy in Janagon, Kondapore and Keesara and Medchal-Malkajiri regions in Ghatkesar.

It was claimed that the funds collected from the victims were directed by the defendant to other unexplained investments. Investigations continue to monitor the abuse of money and return deposit holders.

A lawsuit was registered under the 5th part of the Law of Deposit Protection Law, 2023, 2023 and TaLangana Deposit Protection.

Cyberabad police called for citizens to remain awake and to verify the legitimacy of investment proposals, especially pre -launch and reputation promises. Authorities advised potential investors to control their approval and authenticity with relevant regulatory institutions such as GHMC, HMDA, RERA and DTCP before entering any financial agreement.