Real estate scam: Hyderabad firm Varistha Infracon accused of fraud

Hyderabad: Varistha Infracon Pvt. Ltd., a Hyderabad-based real estate company, is facing legal troubles after multiple complaints of cheating and fraud from customers who claimed they were promised land but never got it.

According to the Panjagutta police, the company’s chairman and managing director, V. Radha Krishna, and two other executives, V. Rajeswari and T. Ratnakar Reddy, have been accused of cheating several individuals out of large sums of money. The police complaint, registered by G. Mahesh, states that he had paid Rs. 11,36,000 to Varistha Infracon for a plot of land, but the company did not deliver on its promise to register the land.

Upon investigation, the police found that at least 20 other individuals had been similarly cheated by Varistha Infracon, with a total loss of around Rs. 2 crores. Many of these individuals were promised plots of land in the Saffron Valley layout in Keshampet, Rangareddy district. The company promised to obtain permissions from the Directorate of Town and Country Planning (DTCP) and the Real Estate Regulatory Authority (RERA) and register the plots within three to six months.

However, after receiving payment, the company’s executives disappeared and their office was closed. Customers were unable to contact them, and when they did, they were given excuses and delays. The police have charged V. Radha Krishna, V. Rajeswari, and T. Ratnakar Reddy under sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Indian Penal Code.

The police have appealed to anyone else who may have been cheated by Varistha Infracon Pvt. Ltd. to come forward and register a complaint. They have warned the public to be cautious while investing in real estate and to thoroughly research and verify the legitimacy of a company before making any payments.