Hyderabad, October 08: The managing director of Ocean Park, Venkateshwara Rao, against whom a cheating case has been registered is said to have collected crores in the name of developing a venture at Rachakonda in Nalgonda district. The exact amount involved in the cheating, however, is yet to be ascertained with police suspecting that more investors likely to register cases against the MD.
Venkateshwara Rao reportedly collected Rs 4.50 lakh from each person on the pretext of providing them a 1,000 square yards land in a venture to be developed by him at Rachakonda. Police suspect that thousands of people might have been lured into the trap by Venkateshwara Rao, who issued advertisements promoting his venture.
Police said Venkateshwara Rao did not show any of the investors the land that he proposed to develop into a real estate venture. As the venture did not take shape even after three years, some investors asked him to return the amount or provide them with the promised land.
Some of the investors reportedly went to the proposed real estate venture by the MD of Ocean Park and found that it was owned by the government.
They approached the court which directed the Afzalgunj police to register a case.
“Venkateshwara Rao was arrested on Wednesday and was produced before a court and remanded to judicial custody,” Afzalgunj police sub-inspector Ghulam Rasool said.
–Agencies–