The Economic Offences Wing (EOW) of Cyberabad police has arrested two individuals involved in a cheating case promising high returns on investments in fake real estate ventures under the name Subhodayam Infra Pvt Ltd in Madhapur, Hyderabad.
The main accused, Kalapatapu Lakshmi Prasad, the Managing Director of Subhodayam Infra, resides in Rajamundry, Andhra Pradesh. The second accused, Mungaluri Venkata Satya Sudheer, serves as the company’s accountant and is based in Vijayawada, Andhra Pradesh.
Kalapatapu Lakshmi Prasad established Subhodayam Infra in 2017, with an office in Madhapur. The accused falsely marketed various lands in Quilashapur village and lured potential buyers by promising high returns through a buyback scheme. This scheme promised an additional 50% appreciation in 13 months, 75% in 18 months, and 100% in 26 months for those who paid the full amount for Phase 1 development or registered one acre of land.
The scammers published colorful brochures and held meetings to attract deposits. They enticed Kalluru Praveen Kumar Reddy and 13 others to deposit approximately Rs3.16 crore, but failed to register any land or deliver the promised returns, defrauding innocent investors.
The case, registered under sections 406 and 420 of the IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act-1999, is under investigation by Inspector J. Venkateswarlu, supervised by Deputy Commissioner of Police K. Prasad.
The Cyberabad EOW advises the public to avoid investing in similar schemes and to report any suspicious activities to authorities to protect themselves from fraud.
