Hyderabad: A significant fraud case has emerged involving a real estate firm in Hyderabad, where a private worker from Chikkadpally, P Kishore Kumar, has accused Bharathi Builders India of deceiving him and hundreds of other investors through a pre-launch offer. This allegation has prompted the Cyberabad Economic Offences Wing (EOW) to investigate the matter. Kumar reported that he and approximately 300 other buyers were persuaded to invest in Bharathi Green Empire Heights, a proposed project located in Bhanur, Sangareddy district. The scheme, marketed by the company's management, promised attractive returns and sought to attract investments through an appealing pre-launch strategy. As the project's promised developments failed to materialize, Kumar turned to law enforcement for assistance, leading to the filing of a cheating case against the firm.
Kumar, 45, recounted how he was enticed by the project’s sales agent, G Lakshmana Rao, who presented himself as RERA-certified and provided documents related to a 6.35-acre land parcel in Bhanur. Assurances were made regarding the processing of statutory approvals and an HMDA layout permit. Motivated by these claims, Kumar booked a two-bedroom flat covering 1,150 square feet and paid Rs 11.5 lakh, half of the quoted price, through various payment methods. A memorandum of understanding dated October 28, 2021, stipulated the project's completion within 30 months. However, as the deadline approached without any progress, Kumar sought a refund in April 2023 but was met with silence, leading to further investigation.
As the situation developed, other investors began to uncover alarming details about the project. Reports surfaced indicating that a significant portion of the project's land had been transferred to another businessman without the knowledge of either the investors or relevant planning authorities. Kumar reported that attempts to communicate with the builders were met with hostility, and some refund cheques issued were dishonoured. His investigation revealed at least 22 other victims who collectively contributed Rs 5.39 crore, asserting that they were misled by promotional materials and advertisements that promised to double their investments within two years, alongside verbal guarantees of buy-backs.
In light of these allegations, the police have registered a case against Bharathi Builders India Private Limited and its key personnel, including chairman Dupati Nagaraju, managing director Mulpury Siva Rama Krishna, and chief executive officer Ponnari. Legal action is being considered as authorities analyze the documentary evidence, which includes payment receipts and correspondence related to the investments. The case has raised significant concerns regarding investor protection and regulatory oversight in the real estate sector, prompting calls for greater vigilance to safeguard potential buyers from fraudulent schemes.