Hyderabad: City-based realtor arrested for cheating buyers of Rs 900 cr
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Hyderabad: The Hyderabad City police arrested a realtor and Sahiti Infratec Ventures India Pvt. Ltd Managing Director B Laxminarayana for defrauding over more than 2,500 customers to the tune of Rs 900 crore in various projects put together in the city.
The police said that the infra company lured customers with prelaunch offer schemes of double/triple bedrooms varying from 1200 Sft to 1700 Sft of High Rise apartments of 38 floors in their project. Sahiti's Sarvani Elite at Ameenpur Village took up a venture without any proper permissions from HMDA and GHMC and collected about Rs 539 crore from more than 1,700 customers recently.
The project failed to materialise while the victims insisted to return the amounts. The realtor promised to return the amounts collected with an interest of 15 per cent to 18 per cent per annum and also issued cheques for the said calculated amount. But he failed to honour the promise. Apart from this project of Sahiti's Sarvani Elite, Ms/ Sahiti Infratech Ventures Pvt. Ltd. also started different projects in the vicinity of Hyderabad and so far Sahiti Infratech defrauded over more than 2,500 customers to the tune of Rs 900 crore, said the police.
The Economic Office Wing team of Central Crime station arrested and booked cases against Laxminarayana under various sections.
Police appealed people not to fall prey for such pre-launch offers offered by Real Estate companies. Public are hereby advised to check for all types of permissions required for construction of high rise buildings before purchasing any flats/plots and shall not fall prey to any fraudsters.