Real Estate Scam: Sandhya Techno-1 developers accused of cheating
Serilingampally: In a shocking turn of events, serious allegations of financial fraud, cheating, and criminal breach of trust have been leveled against prominent real estate developers in Hyderabad. The accusations center around the Sandhya Techno-1 Complex, a commercial development project in Serilingampally. Based on the complaint, Cyberabad police booked a case and started investigation.
On August 27, 2024, the Sandhya Techno-1 Unit Owners Maintenance Mutually Aided Cooperative Society filed a complaint against Sridhar Rao Saranala, Sandhya Saranala, and their company, M/s. Sandhya Constructions & Estates Pvt Ltd. In his complaint copy, the society president alleges a scheme of fraudulent activities that have severely impacted over 100 office unit owners and potentially defrauding the government of significant tax revenue.
The complainant alleges that the firm failed to complete construction and provide basic facilities despite collecting funds from buyers. “The firm and its management have defrauded buyers of office units in Sandhya Techno -1 complex by not completing the pending construction works and basic facilities. Instead of spending the funds paid by the buyers on the completion of pending works in the complex, they diverted the money for their personal use, enriching themselves fraudulently. The owners of the office units have suffered significant financial losses as a result of the fraud committed by the accused,” said the complainant.
Cyberabad police probe real estate scam
Further, the complainant alleged that the firm indulged in tax evasion of 40 crores, sold excess floor area and undivided land shares using fabricated documents, and alleged the sale of property already attached by the Income Tax Department.
The society claims that these actions have caused significant financial losses for unit owners and pose safety risks to occupants. Based on the complaint, Cyberabad police booked a case under section 316 (2)(criminal breach of trust), 318 (4)(cheating) of Bharatiya Nyaya Sanhita (BNS). Further investigation is underway.
