Crime

Cyberabad police arrests three men indulged pre launch offer fraud

Prelaunch Offer Scam

Kompally:Economic offence wing(EOW) of Cyberabad commissionerate arrested three men in connection with the exclusive pre launch offer of residential flats and cheated 350 potential buyers and swindled around 60 crores. Further sold the same land to others to the tune of Rs 100 crores.

The arrested men are identified as Dupati Nagaraju,Mulpury Shivarama Krishna and Thoddakula Narsimha Rao who are Chairman, Managing Director, and CEO respectively of M/s Bharathi Builders, a Partnership firm at Madhapur, Hyderabad.

According to the police, the accused Dupati Nagaraju and Mulpury Shivarama Krishna have started a construction firm in the year 2021 in the name of M/s “Bharathi Builders” office at Madhapur, Hyderabad. The accused persons acquired Ac.6.23 gts land in Kompally and planned to construct Residential apartments in the name of “Bharathi Lake View” apartments. Later, the accused persons hatched a plan to collect huge deposits from the prospective purchasers as a part of Exclusive Pre launch offer. And lured the potential buyers with an attractive price of the flats for Rs. 3,200 for square feet. Investigation revealed that the accused appointed Thoddakula Narsimha Rao as CEO for Bharathi Builders to attract more purchasers, for which they offered huge commission on the sale of flats.

350 victims trapped

Based on the complaint from B.V.S Prasada Rao that “About 350 others were attracted to the inductive promises of the accused persons, deposited huge money to a tune of about Rs.50-60 Crores under Pre-launch offer scheme,” Economic offenses wing(EOW) of Cyberabad booked a case. The EOW officials registered a case under section 406(Criminal breach of trust),420(cheating and dishonestly inducing delivery of the property) of Indian penal code(IPC) and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999.

“The accused persons, after collecting deposits, did not construct any building and failed to deliver the flats to the purchasers as promised and sold the entire land of Ac 6.23 gts worth about Rs 100 crores to other party and thereby the accused persons cheated the complainant and others” said Economic offence wing(EOW) of Cyberabad in an official statement.

The Cyberabad EOW Police appealed to the public not to invest/deposit any money in such Pre-launch offers. Further report any suspicious investment schemes/real estate transactions or activities to the authorities.