Bhuvanateja scam related two directors arrested
The CCS police recently arrested two key members of Bhuvanteza Infra who extorted crores of rupees from buyers in the name of pre-launches. Phanibhushan Rao and Rajkumar were arrested by the police on the allegations that they were absconding without completing the project and without returning the people’s money. It is known that Chakka Venkatasubramaniam, who is already the key mastermind in this case, was detained by the police a month ago. The police said that they have collected around Rs 80 crore from around 300 people in the name of pre-launches.
Police have arrested three persons belonging to Bhuvanateza Company; however, the victims are expressing their anguish about when their money will be returned. They believe that despite the arrest and sending them to remand, they will come out and go around again with no guilt. They say that there is no guarantee that they will not be involved in such pre-launch frauds in another place by changing their names. They are asking what will happen to them if they escape abroad after spending a few days in jail. The victims want the police to take strict action so that no realtor indulges in such prelaunch frauds in the future.
The time has come for the Chief Minister of Telangana State to take a crucial decision to deliver justice to the victims of Bhuvanteza. Because it is known that pre-launch frauds have increased in Telangana in the last five years, many companies are likely to join the list, like Sahiti, Jaya Group, and Bhuvanteza. There is a need to set up a special unit to investigate financial crimes related to these frauds.
Just like how the then-Congress government in the past solved the Satyam scam, the present Revanth-led government must appoint a team of experts. The team should collect complete details of those who have given money to Bhuvanateza. They need to find out how many people the company needs to refund.
The update on the construction work of Bhuvanteza projects in which people invested money must be assessed. How long will it take to complete them? What is the cost? How many flats are left unsold? Can the project be completed with the proceeds from selling them? Of those who have already given advances, how many more are to be paid? Start a separate escrow account and hand over the responsibility of completing the construction to another builder or contractor. If there is any extra money in the respective project, it should be used to complete the rest of the projects.
Like this, all the projects started by the Bhuvanteza organisation should be closely observed, and their latest status should be evaluated. The government should act in a planned manner and try to solve the problem. Otherwise, there is a danger that this issue will become a headache for the government in the coming days. Along with Bhuvanteza, those who were cheated by buying flats in ventures like Sahiti, Jaya, and GSR must also be solved. If the Congress wants the public by its side in the parliamentary elections, the government should stand by the victims. Their money should be returned. Or even flats should be given. No matter how careless the government or the police are, innocent middle-class people are at risk of going into severe depression because of this.
This website uses cookies.