Rs 100-crore real estate fraud in city

Rs 100-crore real estate fraud in city
New Indian Express

BANGALORE: Three brothers hailing from Andhra Pradesh have cheated more than 6,000 people in Bangalore, promising them flats and sites, and are now absconding after collecting a sum of Rs 100 crore.

The accused are Prasad Reddy, Bhaskar Reddy and Sharaba Reddy.

Police said the accused opened their offices in Koramangala, BTM Layout and HSR Layout under the name Shivajyothi Developers, Aditya Developers and Amrit Builders. Hundreds of people gathered each day in the office after seeing advertisements in the papers to buy flats and plots, police said.

The trio established offices in Bangalore two years ago. They took instalments of Rs 4000 from all their clients without providing them flats or the plots in the last two years.

Apparently, one of the clients lodged a complaint with the Madiwala police against the three brothers after they failed to provide him a flat. The brothers are absconding.

Meanwhile, police have arrested eight people in connection. All the eight are employees of these three offices. Police are investigating.