Bengaluru: CCB registers FIR against four over alleged ₹14.5 crore land deal fraud
The Bengaluru Central Crime Branch has registered an FIR against four individuals accused of defrauding an educational institution of ₹14.5 crore. The suspects allegedly promised to facilitate land deals for the institution's expansion but failed to deliver on their claims.
Why it matters
This case highlights the prevalence of high-value real estate fraud in India's growing educational sector and the legal risks associated with large-scale land acquisitions.
The Central Crime Branch (CCB) of Bengaluru City Police has registered a case based on a complaint alleging that an educational institution was cheated of ₹14.5 crore in a fraudulent land deal.
The complaint was filed by Vanki Penchaliah, chairman of an educational group and resident of Sadashivanagar
According to the complaint, his institute, which runs educational institutions in Karnataka, Andhra Pradesh and other States, decided after the COVID-19 pandemic to expand its engineering education operations and acquire land for educational projects.
The complainant alleged that in January 2021, one Sistla Viswanath Nagesh, through Prasun Ghosh, introduced four persons as prospective partners who claimed to have access to large parcels of land and properties in and around Bengaluru, Delhi, Hyderabad, Pune, Chikkabanavara, Jigani and Anekal.
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