Hyderabad, Sep 12 (PTI) Two persons were arrested in Adilabad district of Telangana for allegedly fraudulently collecting huge amounts of money from people by promising high returns on investments in real estate business, police said on Saturday.
The investigation revealed a collection of approximately Rs 13.31 crore from 16 persons and further investigation is underway, Adilabad District Superintendent of Police Akhil Mahajan said in a release.
Based on a complaint lodged by a man on September 9, a cheating case was registered and an investigation was taken up, police said.
The complainant stated that the accused had collected Rs 1.40 crore through bank accounts in installments and an additional Rs 30 lakh in cash from him in the name of real estate investment.
A portion of the amount was returned as profit while the remaining amount was delayed, following which the complainant suspected that he had been cheated and approached the police.
A case was registered against three persons and two main accused were arrested on September 11 and remanded while the third accused is absconding, police said.
During interrogation, it was revealed that the accused with the intention of making easy money, had allegedly conspired to collect money from people by gaining their confidence in the name of real estate investments, police said.
They allegedly convinced people known to them that investing in real estate would yield high returns.
So far, the investigation has revealed that approximately Rs 13.31 crore was collected from 16 persons. It was also found that money was transferred from bank accounts and police are continuing to examine the relevant bank transactions and account details, the release said.
Two vehicles besides documents pertaining to plots and properties were seized from the accused, police added. PTI VVK VVK KH
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