Real Estate Guru has been cautioning from the start.
120 individuals scammed of Rs 24 crore.
Squares & Yards Infra under scrutiny.
Most culprits identified are from Andhra Pradesh!
The Real Estate Guru has consistently warned against investing in buyback schemes, stating that while initial returns may seem promising, scams will eventually follow. Despite these warnings, some individuals, lured by high interest rates, have been investing large sums of money in such fraudulent ventures and suffering significant losses. Recently, an incident involving over 120 victims came to light in Hyderabad. The company Squares & Yards Infra collected around Rs 24 crores, promising high returns, only to abandon its investors. The directors of the company—Baira Chandra Shekhar, Vemulapalli Janvi, Garimekala Venkata Akhil, and Reddipalli Krishna Chaitanya—were arrested by the Cyberabad Economic Offences Wing (EOW). Notably, the accused are from the neighbouring state of Andhra Pradesh.
If investors put Rs 17 lakh into the company’s ventures, they promised to register two plots of land in Mahbubnagar and pay Rs 30,000 monthly. Additionally, the accused assured investors that they would plant sandalwood trees on the registered land. Later, they promised to share 50% of the profits from selling the sandalwood trees after 13-15 years. As a result, about 120 hopeful investors lost money to the realtors from Squares & Yards Infra. The accused had investors sign awareness agreements (MoU), lease deeds, and cheques as collateral security. Initially, they paid monthly returns for the first few months. However, they failed to uphold their promises and eventually closed the office, fleeing the scene. After investors filed complaints, the police from the financial crimes division registered a case. They stated that the accused would be arrested and presented in court.
