Two held in ₹13.31 crore real estate investment fraud in Adilabad
Police in Adilabad have arrested two individuals for allegedly defrauding 16 investors of ₹13.31 crore through a real estate investment scheme. Authorities have seized luxury vehicles and documents as part of the ongoing investigation.
Why it matters
This case highlights the prevalence of financial fraud in regional real estate markets and the importance of regulatory oversight in investment ventures.
Two persons from Adilabad town were arrested for allegedly cheating 16 investors of ₹13.31 crore by luring them with promises of attractive returns on investments in real estate ventures.
The arrested persons were identified as Bandari Rakesh, 30, and Kuntawar Achyut Reddy, 53, both residents of Adilabad. Another accused, Kuntawar Chandrakanth Reddy, is absconding, police said.
According to the police, the accused initially paid small amounts as purported profits to gain the confidence of the victims and subsequently induced them to invest larger sums.
The arrests followed a complaint lodged by Praveen of Shanthinagar, who was allegedly cheated of ₹1.40 crore.
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