In a stark reminder of how trust can be weaponized, Adilabad police have cracked down on a sophisticated real estate investment scam that swindled 16 victims out of a staggering ₹13.31 crore. The elaborate scheme preyed on investors' hopes, turning dreams of lucrative returns into financial nightmares.
The Masterminds and Their Methods
The accused, identified as Bandari Rakesh (30) and Kuntawar Achyut Reddy (53), both residents of Adilabad, allegedly built their scheme on a foundation of calculated deception. Police say they initially paid small amounts as purported profits to gain the confidence of their victims—a classic tactic that makes larger investments seem safe.
Once trust was established, they persuaded investors to pour in significant sums, promising attractive returns on real estate ventures that appear to have been largely fictitious.
Another accused, Kuntawar Chandrakanth Reddy, remains at large as investigators work to trace financial transactions and identify additional victims.
The Crackdown
The arrests followed a formal complaint by Praveen of Shanthinagar, who was allegedly cheated of ₹1.40 crore. At a press conference on Saturday evening, Adilabad Superintendent of Police Akhil Mahajan announced the breakthrough.
Authorities have seized two luxury vehicles and documents related to high-value plots and house sites—tangible evidence of the ill-gotten gains.
| Item Seized | Description |
|---|---|
| Luxury Vehicles | 2 |
| Property Documents | High-value plots and house sites |
What Comes Next
Investigation is ongoing as police work to fully unravel the network of transactions and determine the complete scope of the fraud. For now, two suspects are behind bars, but the search continues for their accomplice—and for answers that might bring some measure of justice to those who lost their savings.
This report is based on police statements and does not constitute financial advice.
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