Cyberabad Police Arrest Two for ₹48 Crore Fraud in Pre-Launch Property Offers Scam

Highlights

Cyberabad police arrest two for duping 200 people of ₹48 crore in a pre-launch flat offer scam. Victims promised high returns, but projects were never completed.

The Economic Offences Wing (EOW) of Cyberabad police arrested two individuals on Monday for their involvement in a massive ₹48 crore fraud, targeting around 200 victims through deceptive pre-launch offers for flats. The accused, Chakka Bhaskar, Chairman of R Homes Infra Developers, and his wife Sudharani, Managing Director of the company, were charged with criminal breach of trust and cheating. The case was initiated after a complaint from Vadlamudi Manoj Kumar, a businessman from Kompally, who invested ₹65.50 lakh in various real estate projects promoted by the accused between 2020 and 2021. The couple promised quick returns and rapid development of projects in Yamnampet (Ghatkesar), Kardanur (Patancheruvu), and Karungi (Sangareddy district), but failed to deliver as promised.

The Fraudulent Scheme

The accused lured customers by offering pre-launch offers that promised delivery of flats within three years. They also promised rental compensation — ₹6,000 for a 2BHK and ₹8,000 for a 3BHK flat — for delays in possession. Using media promotions, celebrity endorsements, and attractive schemes, they convinced buyers to invest in the projects.

However, after the promised three-year period passed, the projects remained incomplete, and the accused kept extending timelines for various reasons. When buyers demanded updates, they discovered that the developers had gone into hiding, prompting the victims to report the matter to the police.

Investigation and Arrest

Following the complaint, the EOW of Cyberabad police began investigating the case under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant), and 420 (cheating) of the Indian Penal Code (IPC). It was revealed that the accused had collected ₹48 crore from 200 victims, but failed to deliver the promised properties.

Both Bhaskar and Sudharani were arrested, and further investigations are underway to uncover more victims and the full extent of the fraud.

Public Advisory

In response to this cheating case, Cyberabad police issued an advisory to the public, urging caution when considering pre-launch offers for real estate investments. The police recommended verifying property projects through legal counsel and checking for proper permissions and approvals before committing funds. The police also reassured the public that they would continue to prosecute fraudsters and ensure justice for victims.

This case serves as a stark reminder to potential buyers to stay vigilant and well-informed before investing in real estate schemes promising quick returns.