Hyderabad, June 2 -- Tension prevailed in Srirangapuram village of Kodad town in Suryapet district on Tuesday, June 2, after villagers alleged that a real estate businessman cheated them of nearly Rs 11 crore by luring them with promises of high returns on their investments.

Speaking to Siasat.com, an official from Kodad Town Police Station said that real estate businessman Irigilla Jitendra Reddy had persuaded around 45-50 people to invest Rs 7 crore with him, assuring them of attractive interest rates and timely repayment of the principal amount.

Trusting his assurances, the villagers reportedly handed over large sums of money over a period of time. However, the businessman allegedly stopped paying interest payments and failed to retu...