Hyderabad: More than 400 fraud cases are pending with the Central Crime Station (CCS), with complaints involving real estate investments, financial schemes and promises of high returns posing challenges for investigators.
Police are receiving complaints from people who invested in real estate ventures promising to double their money within six months, as well as from victims of stock market investment schemes, unauthorised money-lending operations and other financial frauds.
In one case, individuals allegedly handed over 100 kg of gold worth crores of rupees to persons who promised to organise a gold exhibition. Real estate fraud cases account for a significant number of complaints reaching the CCS.
Victims have reported losing amounts ranging from thousands to crores of rupees after investing in projects without verifying the developers’ land holdings or their ability to execute the proposed ventures.
According to police, between one and three real estate fraud cases are registered every month. Investigations often take several months because of the multiple transactions and individuals involved.
A senior police officer said investigations into real estate fraud frequently uncover several interconnected transactions, making it difficult to complete inquiries quickly.
Pre-launch offers have emerged as a recurring feature in such complaints. Developers allegedly collect substantial amounts from investors by promising apartments, villas or residential plots at attractive prices.
Some schemes involve the proposed conversion of agricultural land into residential plots, while others offer returns on investments in housing projects.
In a recent case, CCS police arrested Pasupuleti Sudhakar, head of Tripura Constructions, following complaints alleging that the firm had defrauded investors of crores of rupees. He was remanded to judicial custody.
Police investigations revealed that a majority of those who invested in the company were former Bharat Dynamics Limited (BDL) employees and software engineers.
Investigators said such schemes often involve collecting money from several investors within a short period by offering attractive returns or properties at discounted prices.
Rajeev, a software professional, told Deccan Chronicle that some investment schemes operated through a chain marketing system in which existing participants encouraged others to invest.
He said investors also needed to exercise caution before committing money to such ventures. According to him, some victims avoided reporting fraud because they feared damage to their reputation.
CCS deputy commissioner of police Chaitanya Kumar said arrests were being made in fraud cases, including the case involving Tripura Constructions.
He said efforts were underway to dispose of pending cases as quickly as possible and advised people to verify investment offers rather than place blind trust in promises of high returns.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
