Kancherla Satish Chandra, the Managing Director of Sai Surya Developers, has been arrested in connection with a real estate scam involving a fraudulent pre-launch offer. Reports indicate that Satish Chandra, in collaboration with Narendra, MD of Bhagyanagar Properties, collected Rs5 crore from investors for a supposed real estate venture in Vattinagulapalli, promising lucrative returns from non-existent developments.
This latest arrest is not Satish Chandra’s first run-in with the law. The developer has been linked to 11 criminal cases in the past, underlining a history of fraudulent activities in the real estate sector. In this particular scam, he misled buyers by presenting an enticing offer for an upcoming project, which, according to police investigations, was never developed.
Investigations are ongoing as authorities work to ensure justice for the affected individuals. The case highlights a concerning trend of fraudulent practices in the real estate industry, with scams targeting unsuspecting investors who are drawn in by false promises of high returns.
Police are working to identify other victims and prevent further fraudulent schemes, while also holding those responsible accountable for their actions.