Hyderabad Builder Held in ₹15Cr Real Estate Fraud

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Hyderabad Builder Held in ₹15Cr Real Estate Fraud

Hyderabad Builder Arrested for Alleged Real Estate Investment Fraud

Hyderabad, Telangana – The Cyberabad Economic Offences Wing (EOW) arrested Obili Papannagari Rama Chandra Reddy, owner of Obili Housing, for allegedly defrauding investors in a pre-launch plot scheme.

Reddy, along with V.B Gupta of Prathista Properties and other associates, is accused of deceiving investors into depositing money in their venture called “Highway Paradise” located at Venkatapuram village in Sangareddy.

Authorities allege the group convinced victims to invest in the project with the promise of developed plots in a 200-acre Sadasivpet property and offered monthly interest payments alongside the return of their principal investment.

“Over a three-year period, they persuaded innocent people to invest substantial sums into their venture with the promise of high returns,” said a senior EOW official. “These deposits were made based on false promises of land development.”

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EOW officials believe there are approximately 50 victims, with total losses estimated between Rs 10 crore and Rs 15 crore. The investigation was initiated based on a complaint filed by an investor, leading to Reddy’s arrest.

Further details regarding the whereabouts of Gupta and other involved parties, as well as the status of the invested funds, are likely to be revealed as the investigation progresses.

Source.

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