» Real Estate Company Swindles Rs. 100 Crs. In Visakhapatnam Dist.
Real Estate Company Swindles Rs. 100 Crs.
Even though people were skeptical at first, the "agents" of this "real estate company" promptly paid them the interest for the first month, thus bamboozling them into thinking that it was all legit.
While the lure of easy money is driving hundreds in the state to criminal practices, it is leading still more gullible people to taking the fall for these practices. Those running Magic Resorts and Real Estate company in Narasipatnam of Visakhapatnam district fall under the former category.
Using promises of prime property at throwaway prices, and a monthly interest of Rs. 22,000 and more on deposits of just Rs. 1 lakh, they managed to gull farmers, small business owners, and others into coughing up money amounting to Rs. 80-100 crores.
Even though people were skeptical at first, the "agents" of this "real estate company" promptly paid them the interest for the first month, thus bamboozling them into thinking that it was all legit.
One fine day, these "agents" packed up, leaving all the investors high and dry.