HYDERABAD: Police who were investigating the Swadhathri Infra Private Limited scam have found out that Swadhathri spokesperson Raghu had hatched a plan to swindle Rs 1000 crore through a scam.
Cyberabad police had earlier arrested Raghu Yarlagadda, director of Swadhathri Infra Private Limited and two others, Meenakshi and Sreenivas Rao for cheating 3,000 people to the tune of Rs 150 crores.
Police said that Swadhathri Infra Private Limited company failed in this conspiracy because of the COVID-19 lockdown.
Police investigation revealed that the money collected from the public was exchanged by the accused Raghu in the form of assets. During the probe, police found out that Raghu had transferred the properties in the names of his relatives, who acted as their benamis.
Police said the investigation also revealed that Raghu had bought assets in the names of 15 agents. The accused had amassed assets in Vijayawada and Hyderabad, police said.
Police said that those people who invested into the company through the buy-back policy are more likely to suffer losses.
Police revealed that there are proofs that Raghu had made all the transactions in the name of the agents.