A major real estate company based in Noida has accused Dr. Jitendra Sharma, Managing Director of Andhra Pradesh MedTech Zone (AMTZ), of committing a fraud of over 70 crore.

According to the FIR lodged, the complaint alleges that Dr. Sharma lured them into a business deal by making false promises and later forced them into unfavorable terms that caused massive financial losses.

Dr Sharma has had many complaints in the past for arbitary dictats in removing owners and investors from there own properties and dishonoring his own terms and business promises proposed. There have been massive corruption charges in the past on Dr Sharma but he is moving free with no action from the authorities despite dozens of complaints.

Dr Sharma lured Recur Infra into building an Exhibition Center by offering huge massive returns and business basis which the company entered into an agreement to construct an exhibition and convention hall on a two-acre land parcel in Visakhapatnam. It was promised that after completion, the company would receive a minimum of 10 crore annually for seven years.

However, after signing the agreement, the accused allegedly appointed his own contractor and forced the complainant to make payments for materials at inflated rates.

To complete the project, The Company took heavy loans and mortgaged several properties. Even after completing the construction within 150 days and hosting international events, the promised payments were never made. The accused allegedly took over the revenue of the World Trade Center area and collected money from the companies operating there - resulting in losses exceeding 70 crore.

When Recur Infra raised complaints and issues with the authorities for the non recipt of the due payments and illegal forced possession inside the premises, Dr. Sharma reportedly threatened to ruin his business using political influence. Police confirmed that an FIR has been registered and the investigation is underway. AMTZ is known as a state-run medical device manufacturing hub supported by the Andhra Pradesh government and the Ministry of Health.