Surya Shine Builders dupe 110 people, including 85 software professionals, by making false promises of providing homes near IT hub Electronic City
Surya Shine Builders dupe 110 people, including 85 software professionals, by making false promises of providing homes near IT hub Electronic City
Hundred and ten people, including 85 software professionals, have been duped of over Rs 10 crore by a city-based construction company.
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The victims of the fraud were promised residential plots near Electronic City, which is a hub for IT majors like Infosys and Wipro.
Surendra, Murali Mohan and Pratibha of Surya Shine Builders and Developers were arrested by the Mico Layout police on Monday and sent to judicial custody.
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The arrested persons had allegedly formed the construction firm three years ago and named it Surya Builders and Developers.
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They initially asked people to invest in the company as partners. Those who agreed also earned returns on their investments.
Emboldened by the success of the scheme, the accused began placing ads in 2008 that promised plots for as low as Rs 10 lakh at Mico Layout.
The buyers were required to pay Rs 4 lakh as the first installment towards the purchase.
Techies, who thought buying the plots located close to Electronic City made lot of sense, began rushing to the company's office in Mico Layout.
Some techies bought as many as four sites. The company allegedly kept showing the victims sites that did not belong to them.
Six months passed and some panicked investors began demanding they be handed over their plots.
Finally, Shanmuga G, a bank employee, who had invested in a plot, approached the Mico Layout Police on June 4 and lodged a complaint.
Shanmugam also advised his friends to file a case of cheating against Surya Shine.
Janardhan Rao, police inspector, Mico Layout police station, confirmed the arrests. "It is a big instance of fraud. We have arrested three members, including a woman and sent them to judicial custody.
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The other three members are absconding. The complainants have kept coming. It is possible that this could be a bigger scam than it appears now.
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We are conscious of what is expected of us and will try our best to ensure justice is done to the victims."
110
Number of individuals who have lodged a complaint of cheating against Surya Shine Builders and Developers with the Mico Layout Police so faru00a0
3
Number of persons arrested in the case so far. An equal number are absconding
Rs 10 cr
Value of fraud committed by Surya Shine Builders and Developers that has come to light so far
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