100 Crores Fraud by Ravindra Babu
Posted December 10, 2017, 1:41 pm at 13:41
An individual established a new record (unofficial) after he managed to dupe people for a Rs. 100 crores+ fraud and receiving 105 Arrest Warrants. The accused is identified as Ravindra Babu, Director, Chadalavada Infrastructures.
Chadalavada Infrastructures carries out various electric works on contract basis and manufacture of electrical components. The accused has been arrested 10 days back under ‘Section 420’ by Panjagutta police, Hyderabad.
‘He used to collect money from various people by promising them high-interest rates. He had deceived people across the state. His victims are located in Prakasam, Kadapa and Nellore districts,’ said the police.
Ravindra Babu managed to establish contacts with influential and prominent people by projecting a false status. Even officials from the electricity department have been victims of Ravindra Babu after they were lured to invest in his ‘fake’ company.
‘After amassing over 100 crores, he used this money to purchase lands. He took loans from banks by mortgaging the land papers of the properties. In this way, he managed to secure loans over 150+ crores. Currently, the banks that lent him loans, and the victims of Ravindra Babu are trying to find ways to recover their money’, said Punjagutta police.
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