The Economic Offence Wing (EOW) of Cyberabad in Hyderabad arrested two people involved in a real estate fraud racket. The arrested individuals are Tammineedi Sri Venkata Ramana Prasad, MD of JJ Infra Pvt Ltd in Madhapur, Hyderabad, and Kusaraju Venkata Ratnam, a Marketing Agent at JJ Infra India Pvt Ltd.
K Prasad, Deputy Commissioner of Police, EOQ, Cyberabad, stated that the fraud involved Tammineedi Sri Venkata Ramana Prasad, Korrapati Venkata Ratnam, Venkata Chiranjeevi, and Vithal Reddy, among others associated with JJ Infra India Pvt Ltd since 2012. The scheme promised high returns on real estate investments and targeted innocent individuals with false promises of monthly rents starting from 2021.
The accused used various tactics like tele-calling, newspaper ads, and brochures to attract investors by falsely claiming ownership of lucrative properties. They showcased open lands in prime locations to victims, promising completion of projects within three years and offering commercial space for rent at promising rates.
Despite assurances of high returns and property registrations, the company eventually stopped responding to investors, leaving them in financial and emotional distress. The fraud involved issuing bounced cheques and forging ownership documents, MOUs, and receipts to deceive victims.
A total of eight victims were defrauded of Rs 3.56 crore, with potentially more victims and a higher cheating amount around Rs 7 crore. The accused have a history of fraudulent activities under different company names in various cities.
