Hyderabad: How husband-wife duo floated 'Amacon Developers' and conned people in the name of investment

Hyderabad: Police have busted a fake real estate company that cheated gullible residents of crores in Hyderabad.

Economic Offences Wing (EOW), Cyberabad arrested a wife and husband for cheating in the name of a real estate investment and buyback scheme.

The accused have been identified as Jullapalli Chnadrashekar, and Jullapalli Sunitha, both residents of RR district.

According to the L Samaram Reddy, Inspector of Police, Economic Offences Wing, Cyberabad, the complainant Sudhir Chakka and other victims deposited money in Amacon Developers at Madhapur. The accused promised high returns within 13 months.

The accused Julapalli Sunitha, who is a proprietor of Amacon Developers Pvt. Ltd. along with her husband Chandra Shekhar collected Rs 1,02,89,000 crore from Sudheer and another victim Vaidehi and Pranoy on the pretext of real estate investment and buyback scheme. They promised to register certain land in customers name as security. After a certain period, 55 % of the amount will be added to the deposited amount and the same shall be returned to the customers after taking back the land which was registered as Security to customers, they promised.

Modus Operandi:

Julapalli Sunitha, who is the MD & CEO of Amacon Developers Pvt. Ltd. along with her husband Chandra Sekhar hatched a plan to get rich within a short time.

As per their plan, they established Amacon Developers Pvt. Ltd. at Serilingampally and started collecting deposits from the victims on the pretext of high returns within a short time. In the beginning, they paid the returns after collecting huge amounts to gain trust. Later they neither paid the deposits of the victims nor returned as promised.

Fake real estate venture:

The two accused said are launching Villa Layouts Residential Gated Community at Chevella. They claimed to possess 33 guntas of land at Chevella Village and are in the process of procuring adjoining lands for a real estate venture.

"Later they did not develop any Venture and cheated us by executing the Agreement of Investment /Development Cum Memorandum of Understanding without mentioning the survey number and which is unregistered," said the complainant.

Victims Chakka Sudhir paid Rs 60,00,000, Pranoy paid Rs 17,89,000 and K Vaidehi Rs 25,00,000. In total, victims paid Rs. 1,02,89,000 crore.

The arrested were brought to EOW PS, Cyberabad, and sent to judicial remand.

The accused are also involved in other three cases registered in Chaitanyapuri PS, Rachakonda.

Advisory:

The Cyberabad EOW Police advised the public that aware of fraudsters not to invest money in real estate Ventures without confirming the details of the property and to be careful while executing the MOUs. The department is committed to prosecuting fraudsters and cheaters and ensuring justice for victims.