Cyberabad police receive complaint alleging ₹6.15 crore land fraud involving real estate firm and partner
HYDERABAD: A 67-year-old businessman has filed a complaint with Cyberabad police alleging that a real estate company, its promoters and his business partner cheated him in a land transaction involving ₹6.15 crore.
The complaint was submitted on March 12, 2026 at 12.30 IST through the Deputy Commissioner of Police, Crimes and Economic Offences Wing (EOW), Cyberabad.
Borra Subramanyam Reddy, managing partner of RR Ventures, alleged that representatives of VBHC Hyderabad Value Homes and his partner B. Rajasekhar Reddy conspired to defraud him in a proposed land deal at Ameenpur in Patancheru mandal.
Business partnership and proposed land purchase
According to the complaint, RR Ventures was formed through a registered partnership deed dated August 19, 2016 between Subramanyam Reddy and Rajasekhar Reddy.
The firm was established to undertake real estate development and civil construction works. The partnership agreement allocated 40% share to Subramanyam Reddy and 60% to Rajasekhar Reddy.
While looking to acquire land for business expansion, representatives of VBHC Hyderabad Value Homes, Shubham Agarwal, Rama Krishna Sabbineni and Mansanapalli Kiran Kumar have approached the partners.
They allegedly represented that their company owned about 17.18 acres of land in various survey numbers at Uskabavi hamlet of Ameenpur village in Patancheru mandal, acquired through multiple registered sale deeds between 2015 and 2018.
₹6.15 crore allegedly paid under sale agreement
The company allegedly offered to sell the land in phases at ₹15,000 per square yard, with the total transaction value pegged at ₹69,96,84,600.
Subramanyam Reddy stated that an agreement of sale was executed on March 23, 2017.
He claimed that he paid ₹6.15 crore to the company through bank transactions and cash between February 2017 and May 2018. The payments included ₹1 crore from his personal account, ₹3 crore from Kurnool Cylinders Pvt. Ltd., and ₹1.15 crore from RR Ventures, besides ₹1 crore in cash.
However, the vendors allegedly did not execute the registered sale deeds despite repeated requests.
Alleged parallel deal and concealment of facts
The complainant alleged that the promoters of VBHC Hyderabad Value Homes and his partner Rajasekhar Reddy later executed another agreement of sale for the same land on June 21, 2018 with Pride India Mansions represented by Abdul Haleem Baig.
He alleged that the transaction was carried out without his knowledge or consent, causing wrongful loss to him.
The complaint further claimed that the company had earlier executed another agreement of sale on July 25, 2016 for the same land parcels with Shaik Abdul Rasheed Quadri and Shaik Iqbal Ahmed, a fact that was allegedly concealed during the deal with RR Ventures.
Subramanyam Reddy said the earlier buyers had later filed a civil case against VBHC Hyderabad Value Homes its representatives and others.
Allegations of cheating and criminal conspiracy
The complainant alleged that the actions of the company’s promoters including Mansanpalli Kiran Kumar, Shubham Agarwal, Rama Krishna Sabbineni and Madhubala, along with his partner Rajasekhar Reddy and representatives of Pride India Mansions amounted to cheating, criminal breach of trust and criminal conspiracy.
He urged police to take legal action against the accused for allegedly defrauding him and causing financial loss.
