Hyderabad: Three Arrested in Rs 60 Crore Pre-Launch Real Estate Scam
The EOW Police of Cyberabad have arrested three persons, who were involved in a cheating case in the name of pre-launch offer of Residential Apartments of “Bharathi Lake View” at Kompally, Medhcal-Malkajgiri District and arrested the accused on May 17.
Hyderabad: The EOW Police of Cyberabad have arrested three persons, who were involved in a cheating case in the name of pre-launch offer of Residential Apartments of “Bharathi Lake View” at Kompally, Medhcal-Malkajgiri District and arrested the accused on May 17.
The accused identified as Dupati Nagaraju, Chairman of Messrs Bharathi Builders, a Partnership firm at Madhapur, Hyderabad; Mulpury Shivarama Krishna, Managing Director of Messrs Bharathi Builders, a Partnership firm at Madhapur and Thoddakula Narsimha Rao alias Ponnari, CEO of Messrs Bharathi Builders, a Partnership firm at Madhapur, Hyderabad.
Accused Dupati Nagaraju and Mulpury Shivarama Krisha have started a construction firm in 2021 in the name of Messrs “Bharathi Builders” office at Madhapur, Hyderabad. The accused 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 hatched a plan to collect huge deposits from the prospective purchasers in the name of “pre-launch offer” with an attractive price of the flats at the rate of Rs 3,200 for sft and published colourful brochures and conducted meetings at venture Kompally and at Madhapur office to attract the deposits from various purchasers. For this purpose, Dupati Nagaraju and Mulpury Shivarama Krishna appointed Thoddakula Narsimha Rao alias Ponnari as CEO for Bharathi Builders to bring a greater number of purchasers, for which they offered huge commission on the sale of Flats.
The complainant B.V.S Prasada Rao and about 350 others were attracted to the inducive promises of the accused and deposited huge money to a tune of Rs 50 to 60 crore under Pre-launch offer scheme. The accused, after collecting such 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 crore to other party and thereby the accused cheated the complainant and others.
The Cyberabad EOW Police appealed to the public not to invest/deposit in any money in such a Pre-launch offers and report any suspicious investment schemes/real estate transactions or activities to the authorities. The department is committed to prosecuting the perpetrators and ensuring justice for the victims.
The case is being investigated by J. Venkateswarlu, Inspector of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad.
