Real estate investment fraud: AV Group directors dupe 17 people of Rs 2.46 Cr; Cyberabad EOW registers case

Hyderabad: Cyberabad Economic Offences Wing (EOW) has unearthed a major real estate fraud wherein directors of AV Group allegedly duped at least 17 people of Rs 2.46 crore by promising high returns on investments in residential flats.

According to Cyberabad Economic Offences Wing (EOW) police, Gogula Lakshmi Vijayakumar and Annapurna set up a real estate firm named AV Infracon Private Limited (also known as AV Group) with an office at SP Chambers, Kavuri Hills, Madhapur.

Under the guise of operating a legitimate real estate business, the directors lured victims into investing large sums with the promise of lucrative returns and ready-to-occupy flats. One of the victims, Bhupathi Pradeep (38), a private employee from Vanasthalipuram, received a telemarketing call from the company in February 2022.

The caller convinced him that investing in their real estate schemes would yield high profits. When Pradeep expressed interest, he was introduced to a company agent named Narsaiah, who arranged a meeting at the company's Madhapur office.

Director Vijayakumar presented three investment schemes and encouraged Pradeep to choose one. When Pradeep opted for a flat, the accused showed him a vacant plot in Kondapur, Ghatkesar Mandal, claiming they were constructing a semi-gated community apartment project on the site.

Trusting their claims, Pradeep transferred Rs 19.45 lakh online as an investment. However, even after the promised timeline, the flat was not handed over. Realizing he had been duped, Pradeep approached the police.

Investigations revealed that the accused used similar tactics to defraud multiple individuals. They allegedly collected over Rs 2.46 crore from 17 unsuspecting investors before disappearing.

Authorities have registered a case and launched a manhunt to trace the accused. Victims are being urged to come forward with information to aid the investigation.