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NRI duped 2.70 crore by Construction firm, owner arrested

HYDERABAD, Oct. 23, 2008
Sunam Chopra

Biswas Kolleri,a resident of Begumpet, managing director of M/s Anmlex Kolleri Building Solutions Private Limited, convinced the NRI, G. Maheswara Reddy to invest US $ 550,000, (Rs. 2.67 crore) in his company, Anmlex Kolleri Building Solutions Private Limited, claiming that he got a sanction to construct more than a lakh houses under the government-sponsored Indiramma Pathakam housing scheme.

Kolleri produced the agreement document for construction of Indiramma houses between him and the AP State Housing Corporation Limited, to build 1,05,000 houses, each at a cost of Rs. 44,500, at different places in the State. To secure loans for executing the government’s coveted housing project, the company hired PNG Gilt to prepare project reports.

Maheshwara Reddy grew suspicious about the intentions of Biswas and demanded repayment of the money he invested. When Biswas Kolleri did not return the money, Maheshwara Reddy registered a complaint with the Central Crime Station (CCS) and cases were booked under various sections including cheating and conspiracy.

Biswas was arrested because of the false report he managed:

Biswas tackled the PNG Gilt staff and obtained letters stating that the company would secure loans from various banks to complete the project. This is the reason, NRI invested over 1/2 million dollars