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Builders held for duping investors

Staff Reporter

Bangalore: Two builders were arrested here on Tuesday for allegedly defrauding over 1,000 investors of Rs. 50 crore.

V. Bhaskar Reddy (47) of Guntur and Tirumala Ripunjaya Reddy (53) of Sri Kalahasti, who were running Aishwarya Project, Presidency Groups and other real estate enterprises, allegedly took money from investors after promising apartments at prime locations in Bangalore and Mysore. While Bhaskar is a resident of Kuvempunagar near Doddakallasandra here, Tirumala lives in Jayanagar 8th block.

Central Crime Branch sources said the two had advertised in several newspapers about housing projects in the vicinity of Devanahalli, Hoskote, Bidadi and Mysore and raked in around Rs. 50 crore.

When the homes did not materialise, those who had forked out huge sums complained to the Mahalakshmi Layout and Banashankari police. The two are also wanted in connection with several cheque bounce cases, the CCB told The Hindu. Police seized documents pertaining to 107 acres of agricultural land and are probing the case.

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