Cyberabad: The Cyberabad Economic Offences Wing (EOW) made a major breakthrough by arresting a couple, Julapalli Chandra Shekar and Julapalli Sunitha, in connection with a multi-crore real estate fraud case. The arrests were made in Gopanpally, Gachibowli, after a formal complaint was lodged by Chakka Sudhir, who was one of the victims of the alleged fraud.
The case, registered as Crime No. 28/2024, falls under sections 406 and 420 of the Indian Penal Code, as well as section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act. The case centers around fraudulent activities by Amacon Developers Pvt. Ltd., which had promised high returns on real estate investments.
Several victims, including Chakka Sudhir, reported that they had invested a total of ₹1,02,89,000 into Amacon Developers, lured by the promise of substantial returns within just 13 months. The accused had assured these investors that a portion of land in Chevella would be registered as collateral against their deposits. However, neither the promised returns nor the land registration ever materialized.
Police investigations revealed that the couple, who held significant positions within the company, initially provided some returns to investors to build trust and encourage further investments. They claimed to have launched a residential gated community in Chevella and even provided false documentation to support their claims of land ownership. Investors were given written agreements, but these agreements lacked essential information, such as survey numbers, and were not registered.
The amounts lost by the victims include:
– Chakka Sudhir: ₹60,00,000
– Pranoy: ₹17,89,000
– K. Vaidehi: ₹25,00,000
In addition to this case, Chandra Shekar and Sunitha are also involved 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 couple was presented before the EOW Police Station in Cyberabad and then remanded to judicial custody. Another individual involved in the case, Shashikanth, is still at large and has not yet been arrested.
The Cyberabad EOW has issued a public advisory urging citizens to be cautious when investing in real estate ventures. They emphasized the importance of verifying property details and being vigilant while signing any agreements.
The investigation is ongoing under the supervision of Deputy Commissioner of Police Sri. K. Prasad and is led by Inspector of Police Sri. L. Samaram Reddy. The Cyberabad Police are committed to ensuring that those responsible for such fraudulent activities are prosecuted and that justice is served to the victims.
