EOW Books Realty Firm in Rs 3.17-Crore Investment Fraud
According to the complaint, Samooha Projects Pvt Ltd, its managing partner Mallikarjun Kurra and directors Anitha Nena and Anurupa Kurra allegedly lured investors with promises of high returns, developed plots and assured buybacks.
Hyderabad:The Cyberabad Economic Offences Wing (EOW) has registered a case against a Hyderabad-based real estate company, its managing partner, directors and others for allegedly cheating investors through assured buyback and pre-launch land investment schemes.
According to the complaint, Samooha Projects Pvt Ltd, its managing partner Mallikarjun Kurra and directors Anitha Nena and Anurupa Kurra allegedly lured investors with promises of high returns, developed plots and assured buybacks.
The accused allegedly offered investment opportunities in projects at Nandivanaparthy village in Yacharam mandal of Rangareddy district. Investors were promised assured buyback amounts, conversion of agricultural land into plots and an additional return of 24 per cent per annum after the expiry of the agreed buyback period until full settlement.
One investor allegedly invested more than ₹1.62 crore in three schemes between September 2020 and March 2022. The company executed memorandums of understanding (MoUs), registered portions of agricultural land and issued post-dated cheques as security. However, the promised buybacks, land development and returns were allegedly not honoured.
Four investors together reportedly invested around ₹3.17 crore under similar schemes. Despite repeated visits to the company’s office and assurances from its representatives, their commitments were allegedly not fulfilled. Several post-dated cheques issued by the company were also allegedly dishonoured.
Based on the complaint, the EOW registered a case on charges including cheating, criminal breach of trust, fraudulent inducement and cheque dishonour. An investigation is underway.
