Hyderabad: Sai Surya Developers Managing Director, Kancherla Satish Chandra, has been arrested for allegedly collecting money through a pre-launch offer. He promised buyers real estate developments that never materialized.
According to reports, Satish Chandra worked with Bhagyanagar Properties MD, Narendra, to collect Rs. 5 crore from investors. The money was taken for a supposed real estate project in Vattinagulapalli.
This is not the first time Satish Chandra has faced legal trouble. Authorities have confirmed that there are already 11 cases registered against him. His latest scheme involved attracting investors with appealing offers, but no real project development took place.
The police are continuing their investigation to help those affected and to stop similar fraudulent activities in the real estate sector.
