HYDERABAD: The Enforcement Directorate executed searches at six sites associated with Bhuvan Teza Infra Projects Private Ltd on Wednesday, as part of an ongoing money laundering investigation connected to a pre-launch flat scam previously identified by the Central Crime Station (CCS).
In the case reported by CCS, Bhuvan Teza Infra’s director, Chekka Venkata Subrahmanyam, is accused of collecting crores of rupees from buyers for ‘Happy Homes’ flats in Shamirpet, under pre-launch offers, yet failing to deliver the properties or refund the money. Investigators uncovered that many other customers were similarly deceived.
A case filed by the Economic Offences Wing (EOW) of the CCS indicated that approximately ₹80 crore was amassed from around 300 buyers via these schemes. The Telangana Real Estate Regulatory Authority had previously imposed fines on the company and mandated refunds, complete with interest, following numerous complaints about the unregistered and stalled Happy Homes and related projects.
On January 3, 2024, an EOW team from CCS initiated a case under sections 420 and 406 of the IPC, in conjunction with section 34 and section 5 of the Telangana Protection of Depositors of Financial Establishments Act. Investigators revealed that the director had entered into agreements with buyers and executed sale deeds for the flats in the Happy Homes project at Shamirpet, but failed to deliver the properties or issue refunds.
Subrahmanyam, who resides in Jayabheri Orange County at Nanakramguda, was arrested in February 2024 and placed in judicial custody. The investigation disclosed that he had misappropriated funds from approximately 400 customers involved in the same project. EOW officials confirmed that the case is still under investigation.
In March 2024, CCS police apprehended two employees of Bhuvan Teza Infra for allegedly acquiring large deposits from the public, with accusations of defrauding buyers to the tune of about ₹80 crore without completing the project or issuing refunds. The arrested individuals were identified as JP Bhushana Rao and J Raj Kumar, both from Jubilee Hills.
