Hyderabad investors allege ₹25 crore realty fraud
HYDERABAD: Cyberabad Police have registered cases in two separate real estate frauds in which investors allegedly lost nearly ₹25 crore.
Villa project investors allege funds collected without development
The Cyberabad Economic Offences Wing (EOW) registered a case against SVM Aditya Homes for allegedly collecting ₹15.10 crore from buyers in the name of a villa project at Kistareddypalli in Ameenpur mandal of Sangareddy district.
The FIR names partners N. Srinivas Babu and Julakanti Madhusudhan Reddy. According to the complaint, Khajaguda-based software engineer Rama Rao was contacted by Ranjitha and Nitish Kumar in October 2023. They allegedly informed him that the company was developing villas on nine acres at Kistareddypalli and claimed that all required approvals had been obtained.
Rama Rao later visited the company’s office in Kondapur and entered into an agreement to purchase Villa Nos. 92 and 183 for ₹1.79 crore. He paid ₹80 lakh in April 2024.
Months later, construction had not begun. During inquiries, he allegedly found that the company had collected ₹15.10 crore from 20 buyers. He subsequently approached the police.
Investors promised four per cent monthly returns
In another case, the Cyberabad EOW registered a case against representatives of ASR Heights Private Limited for allegedly cheating investors of about ₹10 crore by promising monthly returns of four per cent on investments in real estate projects.
Police said Sulochana Reddy and her family members were approached by company representatives Boddula Vani, Boddula Vijay, Balamani and others, who allegedly claimed that the company was undertaking real estate projects and assured monthly returns on investments.
Believing the assurances, Sulochana Reddy reportedly invested ₹10 crore between May 2022 and November 2023. The company allegedly paid returns for some time before stopping the payments.
Victim alleges intimidation after seeking repayment
According to the complaint, Sulochana Reddy visited the residence of Vani and Vijay in April last year seeking repayment. She alleged that she was threatened, following which she approached the police.
Cases have been registered against Boddula Vijay, Vani, Ajay, Balamani, Satish and Rajesh. Police are investigating both complaints.
