Cyberabad police arrest two in real estate investment scam in Hyderabad

HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police on Friday arrested two individuals involved in a cheating case where high returns were promised on investments in purported real estate ventures under the name 'Subhodayam Infra Pvt Ltd' at Arunodaya Colony, Madhapur, Hyderabad.

The main accused, identified as Kalapatapu Lakshmi Prasad, Managing Director of Subhodayam Infra Pvt. Ltd., resides in Rajamundry town, Andhra Pradesh. The second accused is Mungaluri Venkata Satya Sudheer, an accountant of Subhodayam Infra Pvt. Ltd., residing in Vijayawada, Andhra Pradesh.

Kalapatapu Lakshmi Prasad established the real estate firm 'Shubhodayam Infra' in 2017, with an office at Arunodaya Colony, Madhapur, Hyderabad, where he serves as MD & Chairman. Other involved individuals include Kalapatapu Anuradha and Ramana Reddy as Directors.

The accused falsely presented various vacant lands in Quilashapur village, Raghunathpally Mandal, Janagaon District, which they do not own, to attract deposits from prospective buyers under the name 'Shubhodayam Kakatiya Infra'. They promised high returns and promoted a buyback scheme to deceive innocent people.

Under the buyback scheme, they offered an additional 50 percent appreciation in 13 months, 75 percent in 18 months, and 100 percent in 26 months if customers paid the full amount for Phase 1 development or registered 1 acre of land in Quilashpur village. They published colorful brochures and conducted meetings at their Madhapur office to lure deposits from various buyers.

Kalapatapu Lakshmi Prasad, as Chairman & Managing Director, appointed marketing agents who were incentivized with substantial commissions on land sales to attract more buyers.

The complainant, Kalluru Praveen Kumar Reddy, along with 13 others, were enticed by the promises made by the accused and collectively deposited approximately Rs. 3 Crores 16 Lakhs under the buyback scheme.

After accumulating such substantial deposits, the accused failed to register any land for customers or deliver the promised returns, thereby defrauding innocent people.

The case (Crime No. 18/2024) was registered under sections 406, 420 of the IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act-1999 at PS EOW, Cyberabad.

Public Advisory

The Cyberabad EOW Police urge the public not to invest or deposit money in such buyback schemes involving land. They encourage reporting any suspicious investment schemes or real estate transactions to the authorities. The department is dedicated to prosecuting the perpetrators and ensuring justice for the victims.

The case is under investigation by Inspector J. Venkateswarlu of the Economic Offences Wing Police Station, Cyberabad, supervised by Deputy Commissioner of Police K. Prasad, EOW, Cyberabad.