Hyderabad CCS books Bharathi Builders directors in ₹87 lakh pre-launch investment fraud case
HYDERABAD: The Central Crime Station (CCS) police have registered a case against two directors of Bharathi Builders for allegedly cheating investors of ₹87 lakh under the pretext of a pre-launch real estate scheme.
The complaint was filed by K. Krishna Sumanth, 46, a businessman from Banjara Hills, who alleged that the accused induced him and his brother to invest in a proposed gated community project in Sangareddy district.
According to the complaint, the accused Dupati Nagaraju and Mulpury Siva Rama Krishna, approached the complainant in 2021 claiming they were developing high-rise apartments at Bhanoor village in Patancheru mandal. They offered a pre-launch investment scheme promising to double the investment within 36 months.
Promised return of ₹1.74 crore
The complainant stated that he and his brother initially invested ₹64 lakh on August 4, 2021- ₹32 lakh through NEFT and ₹32 lakh in cash. A memorandum of understanding (MoU) was executed on the same day, allotting two flats as security.
Subsequently, the accused allegedly persuaded them to invest an additional ₹23 lakh, citing an increase in flat size from 1,300 sq ft to 1,715 sq ft. This took the total investment to ₹87 lakh.
The complainant alleged that despite repeated requests, the builders neither completed the project nor returned the invested amount along with the promised return of ₹1.74 crore after the stipulated deadline of August 3, 2024.
Project land sold to another buyer
Upon verifying registration records, the complainant found that the land earmarked for the project was no longer in the name of Bharathi Builders and had been sold to another individual, identified as Sunil Ahuja.
The complainant further alleged that the accused threatened them using anti-social elements when they sought repayment.
Based on the complaint, CCS police have booked the accused and initiated an investigation. Further details are awaited.
