Two arrested in Adilabad over ₹13.31 crore real estate investment fraud
Two men were arrested in Adilabad for allegedly cheating 16 investors of ₹13.31 crore through a real estate investment scheme; a third accused is absconding.
Two residents of Adilabad town have been arrested in connection with an alleged real estate investment fraud in which 16 investors were cheated of ₹13.31 crore, police said.
The accused were identified as Bandari Rakesh, 30, and Kuntawar Achyut Reddy, 53. A third suspect, Kuntawar Chandrakanth Reddy, is absconding, according to the police.
Investigators said the accused drew investors in by promising attractive returns on real estate ventures. To build credibility, they initially paid out small amounts as purported profits, which encouraged victims to commit larger sums, police said.
The case came to light after Praveen, a resident of Shanthinagar, filed a complaint alleging that he had been cheated of ₹1.40 crore.
Adilabad Superintendent of Police Akhil Mahajan announced the arrests at a press conference on Saturday evening. He said two luxury vehicles and documents related to high-value plots and house sites had been seized from the accused.
Further investigation is under way to trace the financial transactions of the accused, determine the full amount involved and identify any other possible victims, the SP said.