Two held in ₹13.31 crore real estate investment fraud in Adilabad

Adilabad police have apprehended two individuals, Bandari Rakesh, 30, and Kuntawar Achyut Reddy, 53, for allegedly defrauding 16 investors of ₹13.31 crore through a real estate investment scam. A third accused, Kuntawar Chandrakanth Reddy, remains at large. The accused reportedly lured victims with promises of lucrative returns on real estate ventures, starting with small payouts to build trust before soliciting larger investments.

The scheme was uncovered after Praveen from Shanthinagar lodged a complaint alleging he was cheated of ₹1.40 crore. At a press conference, Adilabad Superintendent of Police Akhil Mahajan announced the arrests and disclosed that luxury vehicles and documents related to high-value properties were seized. Ongoing investigations aim to trace financial transactions, quantify the total loss, and locate other potential victims.