Gayathrie Infra in Madhapur cheats investors of Rs 3.1 crores in the guise of selling plots; 2 held

Hyderabad: The EOW Police of Cyberabad arrested two persons managing Gayathrie Infra Private Limited for allegedly cheating people of Rs 3.1 crores after promising high returns in investments and buyback schemes.

The arrested have been identified as Maguluri Chandra Reddy and Maguluri Aruna. Both are residents of Kondapur.

Case details

The complainant is Jonnala Srinivasa Reddy, a resident of Nizamapet here. As per the complaint, the accused persons got customers/investors money in the guise of investment and promised good returns with huge profits. As many as nine members were cheated and around Rs 3.1 crore were collected from them. Initially, the accused established their office in Madhapur, Hyderabad.

Modus operandi

The fraud was committed by Gayatrie Infra Developers to develop open plots in the limits of Sadashivpet, Sangareddy District. The accused attracted customers/investors with their buyback scheme explaining that a person investing in their project will be given an open plot of approximately 1,600 sq. yards or Rs 1,60,00,000.

They also promised customers they would develop 102 acres as open plots and share the profits. They gave MOUs, Sale Deeds, post-dated cheques and cash receipts to victims as collateral security to gain the trust of the customers.

After collecting money from the victims, the accused paid partial amounts to some of the victims and later failed to fulfil their promise.

A case has been registered.

Public advisory

The Cyberabad EOW Police hereby advised to the public to be aware of fraudsters, and cheaters and asked them not to invest money without proper enquiry. The department is committed to prosecuting the fraudsters, and cheaters and ensuring justice to victims, they said.