Hyderabad: Another real estate scam has surfaced in the city, with Square and Yards, a real estate company, at the center of a large-scale fraud. The Cyberabad police have registered a case against the company’s management for defrauding customers under the guise of farmhouse villa investments.
The company’s owner, Baira Chandrasekhar, along with four others, was arrested for collecting a staggering Rs. 24 crores from unsuspecting investors, promising them double returns. Chandrasekhar lured investors by offering villas and farmhouses on the outskirts of Hyderabad, falsely promising high returns on their investments.
The scam came to light when several victims reported the fraud after receiving no returns or properties. Police have begun an investigation into the extent of the fraud and the involvement of additional parties. Further action will be taken as the case progresses.