A major financial scam has come to light in Patancheru, Sangareddy district, where dozens of investors were allegedly duped by a local man promising extraordinary returns. The victims held a press conference on Wednesday to share their grievances, detailing how they were lured into a scheme that promised a monthly payout of 25,000 for 40 to 42 months, along with a 110-square-yard plot of land, in exchange for an initial investment of 5 lakh. The scam has left many families in deep financial distress, prompting them to appeal publicly for justice and the recovery of their hard-earned money.
The primary accused, identified as Hemakanth Reddy, a long-time resident of Patancheru, reportedly leveraged his seven-year history with a multi-level marketing firm to build trust among hundreds of members. In 2025, he launched the “Shubha Kshetra Project,” enticing people with the promise of high commissions for bringing in new investors and offering land plots near Damaragidda village. Initially, Reddy paid out monthly commissions to maintain the facade, but he soon began making excuses and eventually vanished, shifting his residence once the investors grew suspicious and began questioning him.
According to the victims, the scale of the fraud is extensive, with approximately 130 people across Telangana and Andhra Pradesh collectively losing nearly 7 crore. In Patancheru alone, 32 victims had invested 1.60 crore before the scheme collapsed. The victims also clarified during their press meet that popular singer Mangli has no connection to this case, asserting that the entire fraudulent operation was orchestrated solely by Hemakanth Reddy. Local authorities have been urged to track down the absconding accused and initiate legal proceedings to return the misappropriated funds to the depositors.
