Two held in ₹13.31 crore real estate investment fraud in Adilabad

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Two persons from Adilabad town were arrested for allegedly cheating 16 investors of ₹13.31 crore by luring them with promises of attractive returns on investments in real estate ventures.

The arrested persons were identified as Bandari Rakesh, 30, and Kuntawar Achyut Reddy, 53, both residents of Adilabad. Another accused, Kuntawar Chandrakanth Reddy, is absconding, police said.

According to the police, the accused initially paid small amounts as purported profits to gain the confidence of the victims and subsequently induced them to invest larger sums.

The arrests followed a complaint lodged by Praveen of Shanthinagar, who was allegedly cheated of ₹1.40 crore.

Announcing the arrests at a press conference on Saturday evening, Adilabad Superintendent of Police Akhil Mahajan said two luxury vehicles and documents pertaining to high-value plots and house sites were seized from the accused.

Further investigation is under way to trace the accused’s financial transactions, ascertain the total amount involved and identify other possible victims, the SP said.

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