Police busts real estate fraud racket, two arrested

Hyderabad: The Economic Offence Wing (EOW) of Cyberabad busted a real estate fraud racket and arrested two persons. Tammineedi Sri Venkata Ramana Prasad, MD for JJ Infra Pvt Ltd, Madhapur, Hyderabad, and Kusaraju Venkata Ratnam, Marketing Agent at JJ Infra India Pvt Ltd

According to K Prasad, Deputy Commissioner of Police, EOQ, Cyberabad, revealed a large-scale real estate fraud was perpetrated by Tammineedi Sri Venkata Ramana Prasad, Korrapati Venkata Ratnam, Venkata Chiranjeevi, and Vithal Reddy, among others, linked to JJ Infra India Pvt Ltd in 2012 and other different companies.

This meticulously organised scheme involved falsely promising high returns on real estate investments, affecting numerous individuals and attracting innocent people with promising monthly rents since 2021. The accused employed various channels, including Tele calling, newspaper advertisements, and brochures, falsely representing ownership of lucrative properties to entice potential investors. Despite not having any legal rights over the property, they showed open lands in prime localities to the victims with a promise to complete the project within three years. They offered commercial space at Rs 10,000 per set and promised a monthly rent of Rs 100 per sft.

They even promised to double the amount in 30 months on their investment and made false agreements as collateral security for investments in Maheshwaram open plots and agricultural lands at Amangal. Payments were primarily demanded in cash, with receipts issued under different company names, misleading investors about the legitimacy of their investments.

The accused showed properties purported to be profitable investment opportunities. These included open plots and potential commercial mall sites in prime locations like Maheshwaram, Amangal, Gachibowli, and near Hitex, with specific sites highlighted opposite the Radisson hotel in Gachibowli and Shilparamam.

Despite promises of high returns and property registrations, the company became unresponsive over time, eventually absconding and failing to honour agreements, resulting in significant financial and emotional distress for the victims. The fraudulent operations extended to issuing bounced cheques and falsifying ownership documents, MOUs, and receipts. The accused misrepresented the ownership of several pieces of land, including those in Amangal and opposite notable landmarks in Gachibowli and Hitech, collecting substantial amounts from the public under false premises.

There were eight victims, with a total amount defrauded amounting to Rs 3.56 crore. There are as many as 10 to 15 victims, and the cheating amount could be around Rs 7 crore.

The accused have a history of fraudulent activities under different company names, including JJ Infra India Pvt Ltd, Tarini Avenues LLP, and others, with allegations of public deception in other cities as well.