Crime Today News
Hyderabad: An Andhra Pradesh based realtor was arrested on Wednesday, June 26 for duping investors in Hyderabad of Rs 8 crore.
The accused was identified as Gogula Lakshmi Vijaya Kumar, director of AV Infracon Private Limited and AV Organo Farms Private Limited. Kumar, a resident of Vijayawada, started the companies and lured the people with “buyback and pre-launch schemes” and other investment schemes.
“Vijaya Kumar executed the agreement of sale, MoU and sale deeds in favour of the victims to make them believe that their investment is legally valid. He later duped them,” said the police. Based on a complaint filed by a Hyderabad resident, the Cyberabad police arrested Kumar from Ongole.
Kumar reportedly initiated investment schemes, including investment plans, land buyback offers, and pre-launch housing deals, by falsely promising high returns and legal ownership of real estate. He assured a 50 percent return on deposits after one year.
The realtor promised to plots and repurchase them after one year with a 50 percent bonus. He offered 2BHK flats at low prices in semi-gated or high-rise projects with delivery in two years.
To gain investors’ trust, the accused executed Agreements of Sale, MoUs, and even Sale Deeds—but never registered the plots or returned the money.
According to the police, the fraud was initiated in 2021 when the accused and his associates posed as legitimate real estate developers. The money collected from depositors was allegedly diverted to other personal and undisclosed investments.
The case was registered under Sections 316(2) and 318(4) of the Bharatiya Nyay Sanhita (BNS) 2023, and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.
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