The Managing Director of Sai Surya Developers, Kancherla Satish Chandra, has been arrested for allegedly running a fraudulent real estate scheme. Chandra, in collaboration with Narendra, the MD of Bhagyanagar Properties, is accused of collecting Rs. 5 crore from buyers under a pre-launch offer for a real estate venture in Vattinagulapalli. The promise of a development project was made, but no substantial progress was made on the ground.
Authorities have confirmed that this is not the first time Satish Chandra has faced legal trouble. A total of 11 cases have already been filed against him for similar fraudulent activities. In the latest scheme, Chandra and Narendra misled investors by making enticing offers, but failed to deliver any significant project development.
The police are continuing their investigation into the matter to ensure justice for the affected individuals and to prevent further fraudulent activities in the real estate sector. This arrest highlights the ongoing issue of deceitful practices within the industry, where unsuspecting buyers are left at a loss.
