Cyberabad EOW probes ₹3.17-cr plot buyback fraud

Case registered against Samooha Projects over alleged investment scheme.

PROPERTY PULSE

The Economic Offences Wing (EOW) of the Cyberabad Police has registered a case against Samooha Projects Private Limited following allegations that the company collected more than ₹3.17 crore from investors through plot buyback schemes and failed to honour its commitments.

The case has been booked against managing partner Mallikarjun Kurra, directors Anitha Nena, Anuroopa Kurra and others under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Telangana Protection of Depositors of Financial Establishments Act. Police have launched an investigation into the allegations.

According to the complaint, investors were persuaded to purchase plots in the company's project at Nandivanaparthy village in Yacharam mandal after being promised assured returns through a buyback arrangement. The complainants alleged that once the investment period ended, the company failed to repurchase the plots as promised.

They further alleged that cheques issued by the company towards repayment were dishonoured when presented for clearance, prompting them to approach the police. The complaint states that the accused collected more than ₹3.17 crore from multiple investors. The complainants include Nandakumar Murari (₹1.62 crore), C. Venkatesham (₹50 lakh), Rajesh Moharana (₹15 lakh) and Srinivas Reddy Bandella (₹30 lakh), among others.

Investigators suspect that more investors may have been affected. Officials said the investigation would examine the company's investment schemes, financial transactions and the allegations made by the complainants.

Case Highlights

• EOW registers case against Samooha Projects.
  
• Alleged fraud involves over ₹3.17 crore.
  
• Buyback scheme linked to plots in Yacharam.
  
• Cheques allegedly dishonoured after maturity.
  
• Probe launched under BNS and Depositors Act.
  
• Police suspect more investors may be affected.