Officials of the Cyberabad Economic Offences Wing on Friday busted a real estate fraud in Sadasivpet of Sangareddy by nabbing Obili Papannagari Rama Chandra Reddy, the proprietor of Obili Housing for defrauding 50 victims of approximately ₹10-₹15 crore. Efforts are underway to trace and nab other members of the racket.
Rama Chandra along with V.B Gupta, Managing Director of Prathista Properties and other marketing agents were selling a pre-launch offer on unregistered open plots under the name of ‘Highway Paradise’. “The racket enticed people by declaring they were developing land in 200 acres and launching the project in Venkatapuram village within a span of three years. After collecting the deposits from many investors, they went incommunicado,” the officials explained.
The EOW police have booked a case under Sections 406 (criminal breach of trust) and 420 r/w 34 (cheating) of the IPC and Section 5 (penalty for default) of the Telangana Protection of Depositors of Financial Establishments Act- 1999.
