HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has initiated legal proceedings against the promoters of SSLS Real Estate & Constructions for allegedly embezzling approximately ₹19.4 crore from local investors.
A complaint filed by Miyapur businessman Badari Nadh Gelli states that the scheme began in July 2023 when a mutual acquaintance, Mohan Muralidhar, organized a meeting at Lodha Meridian, Kukatpally. During this meeting, K. Upendra and his father, Atchuta Rao, purportedly presented themselves as reputable developers with extensive projects in Telangana and Andhra Pradesh, soliciting investments for a rapidly expanding property portfolio.
Enticed by their promises of quick repayment and cash yields, Gelli and three of his associates—R. Mohan Krishna, B. Nageswar Rao, and Kishore—transferred funds through both bank channels and cash. Their investments totaled ₹10.02 crore, ₹3.33 crore, ₹5.56 crore, and ₹50 lakh respectively. According to police reports, to fulfill repeated funding requests from Upendra, the complainants took loans from friends, family, and high-interest loan applications, with the threat that earlier investments would be forfeited unless they injected further capital.
When the investors sought repayment, the accused signed a memorandum of understanding on August 10, 2024, promising staggered refunds or equivalent plots. Upendra also issued seven cheques totaling around ₹13.3 crore, all of which were dishonored when submitted on August 14, 2025. Subsequent attempts to communicate with the trio resulted in abusive responses and threats, as noted by the complainants.
A case has been filed in late September against Upendra, Atchuta Rao, Mohan Muralidhar, and SSLS Real Estate & Constructions under various sections of the Bharatiya Nyaya Sanhita (BNS), including cheating and criminal breach of trust. “We are collecting evidence to initiate appropriate action against the accused,” stated an EOW officer.
