Cyberabad EOW nabs AV Infracon director in Rs 25 Cr real estate investment scam
Police said the accused lured over 150 victims by promising high returns through multiple fraudulent schemes
By Sistla Dakshina Murthy
Representational Image
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad Police on Wednesday arrested Thimmiri Samuel, director of AV Infracon, for allegedly cheating investors to the tune of Rs 20-25 crore through fraudulent real estate investment and buyback schemes.
Accused arrested in Banjara Hills
According to officials, Thimmiri Samuel, a resident of Banjara Hills and native of Guntur district, Andhra Pradesh, was apprehended near his residence on July 23.
The main accused, Gogula Lakshmi Vijaya Kumar, the MD of AV Infracon, was arrested earlier on June 25 and sent to judicial remand.
Fake investment, buyback and pre-launch schemes
Police said the accused lured over 150 victims by promising high returns through multiple fraudulent schemes:
Investment Scheme: Deposit Rs 10 lakh for one year to receive principal plus 50 per cent returns.
Buyback Scheme: Deposit Rs 10-20 lakh to register an open plot; the company promises to buy back the plot after a year with 50 per cent extra returns.
Pre-launch Scheme: Offered 2BHK flats in high-rise or semi-gated apartments at very low prices with guaranteed handover in two years and high returns.
Fictitious ventures launched across Telangana
The ventures were floated under AV Infracon and its sister concern AV Organo Farms at various locations including Morigi (Sangareddy), Komshetpally (Vikarabad), Pembarthy (Jangaon), Kondapur (Ghatkesar), Nagaram (Keesara), Chowdargudem and Narapally (Medchal-Malkajgiri).
Forged sale deeds and agreements
Police revealed that the accused executed fake agreements of sale, MoUs and sale deeds to convince investors about the legality of their deposits. However, neither were plots registered nor were deposits returned. The funds collected were diverted to other investments by the accused.
The Cyberabad Police is tracing the misappropriated funds to recover depositors' money.
Public advisory
Police have appealed to citizens to exercise caution while investing in pre-launch and buyback schemes and verify company credentials with regulatory bodies such as GHMC, HMDA, RERA, and DTCP before committing funds.
