HYDERABAD: The Central Crime Station (CCS) has filed a case against the directors of Bharathi Builders, accused of swindling a local businessman and his brother out of ₹87 lakh with a fraudulent pre-launch investment scheme related to a gated community project in Bhanoor, Sangareddy district.
K. Krishna Sumanth, 46, from Banjara Hills, reported that directors D. Nagaraju and M. Siva Rama Krishna convinced him and his brother, Krishna Kanth, to invest in their proposed project in August 2021. “They claimed to have secured 6.39 acres across various survey numbers in Bhanoor, assuring us that our investment would double within 36 months, backed by two fully-furnished flats as collateral,” Sumanth informed the police.
He mentioned that ₹64 lakh was paid on August 4, 2021, after which the builders allocated two 1,300 sq ft flats via a Memorandum of Understanding (MoU). However, a few months later, the builders requested an extra ₹23 lakh, citing an increase in flat size to 1,715 sq ft, which the brothers provided.
Sumanth added that the maturity date of August 3, 2024, passed without any repayment or construction updates, leading him to verify land records, discovering that the property had been sold to another party. “The land is no longer in Bharathi Builders’ name, having been sold to others. Whenever we attempted to contact directors Nagaraju and Siva Rama Krishna, they threatened us with intimidation from anti-social elements. We urge you to take legal action against them,” he alleged.
Following the complaint, the CCS registered a case against Nagaraju and Siva Rama Krishna under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act in the second week of March.
