Andhra: Foreign national duped of Rs 12 crore in real estate scam
Puttaparthi: A man accused of defrauding a foreign national of ₹12 crore under the pretext of high returns in real estate investments has been arrested, disclosed Sri Sathya Sai District DSP Vijay Kumar. According to police, the accused, Ratnakaram Sathyanarayan Raju, allegedly lured Arvin Francis Mahendrakar, a foreign national, by promising high profits in the real estate sector.
He took around ₹8 crore through bank transactions, claiming it was for land purchases, and also collected additional funds for investing in the stock market and cricket betting. Following a complaint filed by the victim on May 22 at the Puttaparthi Urban Police Station, a case was registered.
Based on the investigation, police arrested the accused and produced him in court, from where he was remanded. The DSP appreciated the swift action taken by the Puttaparthi Urban Police in solving the case.
