₹43.60 Cr investment fraud: 46 Hyderabad investors lose money in 2 fake schemes

Hyderabad: Around 46 investors lost Rs 43.60 crore after investing in two separate fake investment and land schemes in Hyderabad.

Police have registered cases, and investigations are underway.

₹3.6 crore fraud in ‘high-return’ investment scheme

Around 45 investors were duped of ₹3.60 crore after being lured by promises of unusually high returns within a short period by a firm run by one Jayanth Biswas.

According to police, the company claimed that an investment of ₹1 lakh would yield ₹1.12 lakh in just 10 days. Believing the claims, Srinivas Sharma, a businessman from Madhapur, invested ₹75 lakh in the scheme.

Initially, he received only ₹11 lakh in returns, after which payments stopped from December onwards. When he approached the firm’s operator, Jayanth Biswas, there was no response.

The accused later allegedly demanded ₹7.38 lakh as a “subscription fee” to release the remaining amount. Despite paying the fee, the victim did not receive his money and realised he had been cheated.

Following a complaint, a case has been registered at the Cyberabad Economic Offences Wing (EOW) police station.

Fake documents used in land registration

In another case, a doctor from Ameerpet alleged that a prime property in Gachibowli was fraudulently registered using fabricated documents without the consent of stakeholders.

Dr. Aveena Goudapati, a 50% stakeholder in Times Square Hotel, stated that the company had mobilised around ₹40 crore between 2006 and 2009 to purchase land in Survey No. 126(P) in Gachibowli. The acquisition was completed lawfully.

However, in 2011, the land was allegedly registered under the name “Asha Jyothi” without any board resolution or approval from shareholders.

Dr. Aveena accused several individuals, including Vishwamohan, Jailal, T. Vinayender, Yadaiah, Ashok Kumar, Manjula, Syed Mahmood Khan, and Syed Sajjad Khan, of conspiring to carry out the illegal registration.

A complaint has been lodged, and police have initiated an investigation into the matter.

Police caution public

Officials have urged citizens to be cautious of investment schemes promising unusually high returns in short durations and advised due diligence before entering financial or property transactions.