The Hyberabad Economic Offences Wing (EOW) has arrested four individuals linked to aRs24 crore investment scam. The accused—Byra Chandra Shekar, Vemulapally Jahnvi, Garimella Venkata Akhil, and Reddipalli Krishna Chaitanya—are alleged directors of Squares and Yards Infra and Ad Avenues.
According to reports, they deceived over 100 investors by soliciting large sums for land investments in Mahabubnagar district. DCP K. Prasad explained that the suspects enticed investors with a buy-back scheme, promising Rs30,000 monthly for 100 months on a Rs1 lakh investment. They further assured clients that they would register two guntas of farmland in Mahabubnagar, which was to be used for sandalwood cultivation, with 50% profit-sharing after 13-15 years.
The Hyberabad Police have urged the public to exercise caution with investment deals and to conduct thorough inquiries before committing substantial amounts.
In a related case, Cyber Security Bureau officials recently arrested the manager of SBI’s Shamshirgunj Branch and another individual in connection with a Rs175 crore scam, leading to further investigations under the IT Act and relevant BNS Act sections.