HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has initiated a criminal case against a real estate company and its directors for reportedly collecting significant sums from homebuyers without delivering apartments or securing necessary approvals for a residential project in Puppalaguda.
The case was filed against Pranith Koncepts Private Limited and its directors following a complaint from A Harshavardhan Reddy, a worker at a private firm in Champapet.
According to the complaint, Harshavardhan discovered the Pranith Ambience project in September 2023 and visited the Puppalaguda site, where the company was working on a residential complex consisting of seven blocks.
“During my site visit that month, I met with the company’s directors, who informed me that flats were under construction in blocks A to G. They claimed that blocks A and C were nearly finished, and Block D had three floors completed, while excavation for blocks B, E, F, and G was ongoing. The directors also stated that they had applied for HMDA and RERA approvals and promised that these would be granted within a month,” he stated in his complaint.
“Trusting their assurances, I decided to purchase flat No. 301 in block B, measuring 1,715 square feet, for ₹80 lakh, and paid ₹77 lakh from September to October 2023 via cash and cheques. An agreement of sale was drafted on October 25, 2023, with a possession promise by June 2024, plus a six-month grace period,” the complainant added.
However, he alleged that despite collecting over ₹24 crore from him and at least 55 other buyers, the developers failed to secure the needed approvals or complete the project by the promised deadline.
“When I requested a registered sale deed, the developers refused to register the flats in my name and did the same to other victims. When I attempted to reach the company’s directors, they evaded communication. I request that appropriate legal action be taken against the accused,” Harshavardhan’s complaint concluded.
Based on the complaint, EOW officials registered the case on July 7, citing sections 318(4) (cheating), 316(2) (criminal breach of trust), and 61(2) (criminal conspiracy) of the IPC against Pranith Koncepts and its directors.
EOW officials indicated that evidence is being gathered, and the investigation is ongoing.
