The case involving the fraudulent activities of Suvarnabhoomi Real Estate under ventures has been transferred to the CCS (Central Crime Station). The company collected nearly Rs 1.55 crore from about 200 customers by promising profits but then disappeared. Customers filed complaints with the Banjara Hills police in December last year, claiming that Managing Director Sridhar and Director Deepti had issued bounced cheques, leaving them in financial trouble. After an investigation, the Banjara Hills police have now decided to transfer the case to the CCS for further examination.
What actually happened..?
Suvarnabhoomi Real Estate, promising profits, deceived investors and left many in financial distress. The company, which had gained trust by assuring good returns on real estate investments, carried out a massive scam through aggressive publicity and deceptive promises. They used attractive advertisements featuring film stars to lure investors, collecting large sums of money. Under the guise of “Buyback Investment,” they swindled amounts ranging from Rs 30 lakh to Rs 2 crore.
After promising a 24% return on investment after one and a half years, they ultimately gave customers bounced cheques, causing significant losses. As a result, in December last year, victims filed complaints against Suvarnabhoomi’s Managing Director Sridhar and Director Deepti at the Banjara Hills Police Station in Hyderabad. The victims, including Srikanth Sharma, Venugopal, Srinivas Reddy, and Kalpana, accused the company of showing fake ventures in various areas and collecting substantial amounts.
After the deadline passed without any payment, the victims of Suvarnabhoomi filed a complaint with the CCS (Criminal Investigation Department). They have alleged that the directors of Suvarna Bhoomi have been committing fraud for the past three years, giving bounced cheques and constantly evading them.
The victims claimed that they were deceived because prominent film stars were promoting the company, and now around 200 people are affected by the scam, which amounts to approximately Rs 150 crore to Rs 200 crore. Retired employee Venkateshwarlu, who invested his Rs 35 lakh retirement savings in Suvarna Bhoomi, also filed a petition saying he was defrauded. Based on the complaints, Banjara Hills police registered a case and began an investigation. However, due to the scale of the fraud committed by Suvarna Bhoomi, the case has now been transferred to the CCS for further investigation.
