Kukatpally: We Own Infra Groups dupes investors of Rs 12 crore through ‘Buy Back’ schemes; 2 held

Hyderabad: Two persons who started the company, We Own Infra Groups in Kukatpally, were arrested for allegedly cheating around 90 persons of Rs 12 crore in the name of investment and ‘Buy Back’ scheme.

The EOW Police of Cyberabad arrested them on the charges of cheating, criminal breach of trust with criminal conspiracy. The accused have been identified as Atapakala Venkatesh and Manam Vamsi Krishna.

Case details

Deputy Commissioner of Police (EOW, Cyberabad) K Prasad said that the accused persons established a company under the name of We Own Infra Groups and got in customers/investors in the guise of investment/deposits and gave huge monthly returns.

However, the duo eventually cheated about 90 members and collected around Rs 12 crores from them. The accused ran their business from their office at Flat No. 101, Sardar Patel Nagar, Near JNTU, Kukatpally, Hyderabad, he added.

Beware of these investment schemes

As part of their plan, the accused launched the following schemes and cheated the innocent investors/depositors.

Scheme 1: If any person deposits Rs 5,00,000 in this firm, they will pay back Rs 20,000 per month for 25 months, and after the end of 25th month, they will refund the initial deposit amount also, i.e. Rs 5,00,000. The company will also register 1 gunta of agricultural land in favour of the depositor and also issue a post-dated cheque for the principal amount as a guarantee with a condition that the depositor has to re-transfer the said 1 gunta land in favour of the accused after completion of payment made by them.

Scheme 2: If any person deposits Rs 1,00,000 in this firm, they will pay back Rs 6,000 per month for 36 months, and after the end of 36 months, they will refund the initial deposit amount, i.e. Rs 1,00,000.

- The accused persons gave MOUs and post-dated cheques to victims as collateral security.

- After collecting money from the victims, the accused paid monthly returns for a few months only; later, they failed to fulfil their promise and closed their company.

- So far, 25 victims have been approached by the EOW PS, Cyberabad.

- The accused persons were arrested and sent them for judicial custody and efforts are continuing to trace out the absconded prime accused i.e. Karri Suresh R/o West Godavari District.

Public advisory

The Cyberabad EOW Police hereby advises the public to be aware of fraudsters and cheaters and not to invest money without proper inquiry in the name of good returns and Buy Back Schemes. The department is committed to prosecuting the fraudsters and cheaters and ensuring justice for victims.