The Economic Offences Wing (EOW) of Hyberabad police apprehended two individuals on Monday in connection with a Rs 48 crore fraud, affecting approximately 200 victims. The suspects, Chakka Bhaskar, Chairman of R Homes Infra Developers, and his wife Sudharani, Managing Director of the firm, face charges of criminal breach of trust and cheating.
The case emerged after a complaint was filed by Vadlamudi Manoj Kumar, a businessman from Kompally. Kumar had invested Rs 65.50 lakh in several real estate ventures promoted by the accused between 2020 and 2021. The couple had lured investors with promises of high returns and swift development of properties in Yamnampet, Kardanur, and Karungi. They also assured rental compensation for delays Rs6,000 for a 2BHK and Rs8,000 for a 3BHK flat.
Using media promotions, celebrity endorsements, and attractive schemes, Bhaskar and Sudharani managed to convince several buyers to invest. However, after the promised three-year timeline passed, the projects were still incomplete, and the developers kept deferring the completion dates with various excuses. When buyers sought updates, they discovered that the developers had vanished, leading victims to report the matter to the police.