₹6.58 Cr real estate investment scam: Cyberabad EOW arrests 5 for defrauding 33 people
The Economic Offences Wing (EOW) of Cyberabad Police has registered a case against five accused in connection with the fraud.
By Newsmeter Network
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Hyderabad: Cyberabad Police’s Economic Offences Wing (EOW) has busted a ₹6.58 crore real estate investment scam in Hyderabad.
Five people have been arrested so far. They were promising plots at a low cost and guaranteed a monthly return. So far, 33 people have been cheated of ₹6.58 crore.
The Economic Offences Wing (EOW) of Cyberabad Police has registered a case against five accused in connection with the fraud.
Lucrative offer used as bait
According to police, the accused lured investors with an attractive scheme, offering to register a 102-square-yard plot for a deposit of ₹5 lakh. They also promised a ₹5 lakh insurance cover and assured monthly returns of ₹25,000 for 42 months.
Believing the offer to be genuine, several individuals invested substantial amounts.
33 investors duped
The complainant, Katrika Santosh, a businessman from JP Colony in Patancheru, stated that he was introduced to the accused through an acquaintance.
The accused, identified as Bandi Shivakumar (LB Nagar), Ramavath Madhu, and Ramavath Sakru (Sangareddy), along with Hemakanth Reddy, Bharat, and Shailaja, claimed to be developing a venture named Shubhakshatra Venture on 16 acres in Damaragidda village of Nyalkal mandal, Sangareddy district.
They even set up an office in Miyapur to gain credibility.
Santosh invested ₹5 lakh in September 2025. Similarly, 32 others deposited amounts ranging from ₹1 lakh to ₹5 lakh each, taking the total investment to ₹6.58 crore.
No plots, no returns
Despite the passage of over six months, the accused neither registered the promised plots nor paid the assured monthly returns. When investors questioned them, the accused allegedly deployed bouncers at their office and resorted to intimidation.
Case registered, probe on
Realising they had been cheated, the victims approached the police. Based on their complaint, the Cyberabad EOW has registered a case against the accused and launched an investigation.
Police are now examining the extent of the fraud and tracking the financial trail to recover the defrauded amount.
