Cyberabad Police Arrest Two for ₹48 Crore Real Estate Fraud
The Economic Offences Wing (EOW) of Cyberabad police has arrested two individuals for allegedly defrauding around 200 people in a massive scam involving ₹48 crore. The accused, Chakka Bhaskar, Chairman of R Homes Infra Developers, and his wife Sudharani, the Managing Director of the company, are facing charges of criminal breach of trust and cheating.
The case surfaced after a complaint was filed by Vadlamudi Manoj Kumar, a businessman from Kompally. He had invested ₹65.50 lakh in various real estate projects promoted by the accused between 2020 and 2021. The couple had promised quick returns and rapid development of projects in areas like Yamnampet (Ghatkesar), Kardanur (Patancheruvu), and Karungi (Sangareddy district). However, they failed to deliver on these promises.
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How the Scam Worked
The accused lured potential buyers with attractive pre-launch offers. They promised to deliver flats within three years and assured rental compensation in case of delays — ₹6,000 per month for a 2BHK and ₹8,000 per month for a 3BHK. These offers were heavily advertised through media promotions, celebrity endorsements, and other enticing schemes.
Despite the assurances, the projects remained incomplete even after the three-year period had passed. When buyers started demanding updates, the accused kept postponing deadlines with various excuses. Eventually, the developers went into hiding, forcing the victims to approach the police.
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Investigation and Arrest
The Cyberabad police launched an investigation based on the complaint. They charged the accused under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant), and 420 (cheating) of the Indian Penal Code (IPC). During the investigation, it was discovered that the couple had collected ₹48 crore from over 200 victims without fulfilling their promises.
Both Bhaskar and Sudharani were arrested, and further investigations are ongoing to identify additional victims and uncover more details about the fraud.
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Warning for the Public
In the wake of this incident, Cyberabad police issued a public advisory. They urged people to be cautious when considering pre-launch real estate offers and to thoroughly verify projects before investing. The advisory recommended seeking advice from legal experts and ensuring the projects have proper permissions and approvals.
The police assured the public that they remain committed to taking action against fraudsters and delivering justice to the victims. This case is a reminder for potential buyers to remain vigilant and informed when dealing with real estate investments that promise quick returns.
