HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has initiated legal action against Saket Engineers, a real estate company that developed villas and flats near Kompally, following allegations of fraudulent practices involving mortgaging occupied properties as ‘unsold inventory’ to secure a 30 crore loan.
The case, registered on May 12, stems from a complaint by A Rohit Reddy, a resident of Gowdavalli in Medchal-Malkajgiri district.
Rohit claims that the company’s directors unlawfully mortgaged his villa number 94. He asserts that the land for the real estate project originally belonged to his family, and they entered a development agreement with Saket Engineers in 2009. Rohit states, “In 2019, my family was allotted eight villas, including villa 94, which was completed in 2021 and later gifted to me by my father in January 2025.” He subsequently mortgaged the villa with HDFC Bank.
The alleged fraud was discovered on May 2 when Rohit checked the encumbrance certificate online and found that his villa had been mortgaged by the company to a private entity on October 16, 2025.
Additionally, the complaint states that five other villas and over 20 flats were also mortgaged. An EOW official stated, “Notices will be issued to the accused for questioning.” On May 5, Medchal police filed a similar case based on another complaint from Anitha Vittal.
In response to these allegations, Saket Engineers’ director Ravi Kumar Gollapudi explained, “We secured a 30 crore loan in March 2022 for Saket Bhu Sattva Phase-II. Since October 2023, we have been repaying this loan in installments. Due to a stagnant real estate market, we extended the loan term beyond September 2025. During this extension, three villas from Phase I, including the complainants’ villas, were mistakenly included in the Memorandum of Deposit of Title Deeds (MODT) executed in October 2025. These villas were not part of the original March 2022 agreement and did not receive any loan disbursement. We fully repaid the loan by March 17, 2026, and the MODTs were canceled and released on May 4, 2026.”
