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Cyberabad Police Arrest Couple for Multi-Crore Real Estate Fraud
A significant breakthrough was made by the Cyberabad Economic Offences Wing (EOW) as they arrested a couple, Julapalli Chandra Shekar and Julapalli Sunitha, in connection with a multi-crore real estate fraud case.
Cyberabad: A significant breakthrough was made by the Cyberabad Economic Offences Wing (EOW) as they arrested a couple, Julapalli Chandra Shekar and Julapalli Sunitha, in connection with a multi-crore real estate fraud case. The duo was detained in Gopanpally, Gachibowli, following a formal complaint lodged by Chakka Sudhir, a victim of their alleged scheme.
The case, registered as Crime No. 28/2024 under sections 406 and 420 of the Indian Penal Code, alongside section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act, revolves around the fraudulent activities of Amacon Developers Pvt. Ltd., which claimed to offer high returns on real estate investments.
Chakka Sudhir and several other victims reported that they invested a total of ₹1,02,89,000 into Amacon Developers based on promises of substantial returns within just 13 months. The accused assured investors that a portion of land in Chevella would be registered as collateral against their deposits. However, the investments bore no returns, and the promised land registration never materialized.
Police investigations revealed that the couple, utilizing their positions within the company, lured potential investors into their scheme by initially providing returns, thereby encouraging further investments. The accused claimed to have launched a residential gated community at Chevella and presented false documentation to substantiate their claims of owning land. Written agreements were provided to investors, but they notably lacked critical information such as survey numbers and were unregistered.
The breakdown of sums involved includes:
- Chakka Sudhir: ₹60,00,000
- Pranoy: ₹17,89,000
- K. Vaidehi: ₹25,00,000
In addition to the current charges, both Chandra Shekar and Sunitha are implicated in three other cases (Crime Nos. 340/2024, 350/2024, and 370/2024) filed at Chaitanyapuri Police Station under Rachakonda jurisdiction.
Following their arrest, the accused were presented before the EOW Police Station in Cyberabad and were subsequently remanded to judicial custody. Shashikanth, another individual involved in the case, is currently at large and remains unarrested.
The Cyberabad EOW has issued a public advisory urging citizens to exercise caution when investing in real estate ventures. They emphasized the importance of verifying property details and being vigilant while signing memoranda of understanding.
The investigation is ongoing under the supervision of Dy. Commissioner of Police Sri. K. Prasad and is being led by Inspector of Police Sri. L. Samaram Reddy. The Cyberabad Police are committed to prosecuting those responsible for such fraudulent activities and delivering justice to the victims.
