Hyderabad: Case booked against MD of Swadhathri Infra

Hyderabad: The Managing Director (MD) of Swadhathri Infra Pvt. Ltd, Raghu Yarlagadda and other have been booked by Madhapur police in cheating case under protection of Depositors of Financial Establishment Act and section 420, 406 & 506 of IPC.

The Commissioner of Police, Cyberabad, V C Sajjanar, in a press conference said that the accused person along with his associates have duped many gullible people on the pretext of offering them high returns on investments.

He said, "The accused person started his office under the names of Swadhathri Infra Pvt. Ltd, Swadhathri Infra projects, Swadhathri Realtors situated at Sri Nagar colony and another office at Ayyappa society in Madhapur. His companies were also registered with the Registrar of Firms."

The accused person hired 30 agents and 20 telecallers to lure the public by offering them high returns on investments in multiple schemes. His first scheme was, Finance with high returns where if a person is depositing Rs 1 lakh then the person will receive 9 percent of interest every month and principal amount after one year. In this scheme he duped 950 customers and made an illegal money of Rs 87 crore.

In the second scheme which was titled as Buy Back Scheme on real estate plots. He lured the gullible to invest in open plots and fooled 300 customers while making an illicit earning of Rs 42 crore. Similarly in the third scheme he duped 200 customers and made an earning of Rs 27 crore. Overall, the fraudster has duped the gullible in tune of Rs 145 crore and is absconding, said the officer.

He further added, "Special teams involving the Economic offences wing have been incorporated to arrest the accused person and his team. We further appeal to the public that they shall not invest their hard earned money in any such dubious schemes."