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EOW Books Realty Firm in Rs 3.17-Crore Investment Fraud
['Priya Rathnam', 'About The Author']
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Hyderabad:The Cyberabad Economic Offences Wing (EOW) has registered a case against a Hyderabad-based real estate company, its managing partner, directors and others for allegedly cheating investors through assured buyback and pre-launch land investment schemes.
The accused allegedly offered investment opportunities in projects at Nandivanaparthy village in Yacharam mandal of Rangareddy district.
Investors were promised assured buyback amounts, conversion of agricultural land into plots and an additional return of 24 per cent per annum after the expiry of the agreed buyback period until full settlement.
However, the promised buybacks, land development and returns were allegedly not honoured.
Based on the complaint, the EOW registered a case on charges including cheating, criminal breach of trust, fraudulent inducement and cheque dishonour.