Investors duped in Rs 7.66 Cr real estate scam; Hyderabad couple among 10 held
A resident of Nawab Sahab Kunta reportedly invested Rs 7.66 crore in multiple instalments
By - Newsmeter Network
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Hyderabad: CCS police have busted a real estate investment racket and registered a case against a couple and eight others for duping investors to the tune of Rs 7.66 crore.
Fake company to attract investors
According to police, the prime accused, Ahmed Sohel Harmoon alias Ahmed Sohel and his wife Sheeba Arshad, residents of Kalapathar, floated a company named Classic Homes India Pvt. Ltd. at Somajiguda.
Launched in 2022, the company operated under the pretext of being involved in home décor, interiors, and construction businesses.
Agents roped in, big promises made
To lure investors, Sohel appointed several agents and projected himself as a businessman with connections in multinational companies and political circles. He promised high returns on investments and, to gain confidence, made initial payouts on time.
Victim loses in Crores
A resident of Nawab Sahab Kunta reportedly invested Rs 7.66 crore in multiple instalments. In January this year, Sohel assured him that the full amount would be repaid within six months. However, after the deadline, neither the principal amount nor the promised profits were returned.
Scam unmasked
On further inquiry, the victim found that Sohel and his associates had opened offices in three different commissionerates under the guise of real estate operations and collected money from several people. Realizing the scale of fraud, he approached the CCS police.
Case registered, Probe on
Based on his complaint, CCS police booked Ahmed Sohel Harmoon, Sheeba Arshad, Mahmmad Iflekar Sharif, Shabana, K. Vijaya Nikhila, Fareed Bhan, Mahmmad Intiyaz, Suraj Thakre, Khaja Ahwar Arshad, and Ratna Babu. A detailed investigation into the multi-crore fraud is underway, the police said.
