The Economic Offences Wing (EOW) of Cyberabad police has launched a detailed investigation into a land-linked Ponzi scheme that has reportedly cheated investors of nearly ₹2.45 crore. The case has raised fresh concerns over fraudulent real estate investment schemes targeting unsuspecting citizens.
The Scam Unfolds
The scheme was allegedly run by Srinandhan Infra Developers, with T. Vijayalakshmi as the Managing Director and Chandrashekar as the Sales Manager. Investors were lured with promises of unusually high returns, ranging from 40% to 100%, in exchange for land-related investments.
To gain the trust of investors, the company issued post dated cheques and Memorandums of Understanding (MOUs) as guarantees. However, when the cheques bounced and agreements were not honored, suspicions deepened.
One of the victims, Vinaya Sucharitha from Quthbullapur, revealed that she had invested ₹15 lakh between March and May 2023. She was promised either land registration or hefty returns, but by October 2023, the company stopped payments altogether. By January 2025, the firm’s office had been abruptly shut down, leaving investors stranded.
Victims and Losses
So far, 13 people have filed complaints, claiming a total loss of ₹2.45 crore. Victims allege that the company diverted their funds and that Vijayalakshmi may have floated a new business entity to continue fraudulent operations.
Police Action
Based on the complaints, the EOW has registered a case under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including charges of cheating, criminal breach of trust, and criminal conspiracy. Police officials have assured that efforts are underway to trace the accused and recover investors’ money.
Growing Trend
Authorities warn that Ponzi style real estate scams are on the rise, with fraudsters exploiting people’s aspirations to own land and earn quick profits. Experts urge investors to verify companies with regulatory bodies, check land documents thoroughly, and be cautious of schemes that promise abnormally high returns.
