Srinandhan Infra Developers’ ponzi scheme: EOW launches probe after people lose huge money

Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police has launched a probe into an alleged land-linked ponzi scheme operated by a Madhapur-based firm, Srinandhan Infra Developers.

This follows multiple complaints of cheating. People lost crores of rupees after investing in the scheme.

Investors promised windfall gains

The case came to light when Vinaya Sucharitha, a resident of Quthbullapur, lodged a complaint stating that she and several others were lured by sales manager Chandrashekar into investing in land plots.

Investors were promised 40–100 per cent returns within a year, backed by post-dated cheques and memorandums of understanding (MoUs) as security.

Between March and May 2023, Sucharitha invested Rs 15 lakh, but the promised land registration never took place.

Payments stopped, office closed

The company initially made regular payouts but stopped disbursing returns by October 2023. Despite repeated follow-ups, the promoters delayed payments on various pretexts.

Matters worsened when Srinandhan Infra Developers abruptly shut its Madhapur office on January 1, 2025, without notifying investors.

Losses run into crores

Along with Sucharitha, 12 other victims approached the police. Collectively, they claim to have lost Rs 2.45 crore. The complainants also alleged that promoter MDT Vijayalakshmi has floated a new firm under a different name to continue similar fraudulent operations.

Case registered under BNS

Acting on the complaints, the EOW registered a case under Sections 316(2) (criminal breach of trust), 318(4) (cheating), read with 3(5) (common intention) of the Bharatiya Nyaya Sanhita (BNS). Officials said a detailed investigation is underway to trace the accused and recover the victims’ money.