HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has initiated a cheating case against a construction company based in Jubilee Hills, accused of defrauding nine flat buyers of ₹4.41 crore linked to a stalled project in Tellapur.
The complainants, K Mahesh, a 34-year-old employee of a Public Sector Undertaking (PSU), and his friend T Chandra Kiran Kumar began their home search in 2021. They were approached by a marketing executive named Bhargav, who offered an attractive early bird rate of ₹2,800 per square foot with a guaranteed buy-back option. Believing claims that the necessary land would be procured and that HMDA and RERA clearances would be finalized within six months, they made a payment of ₹35 lakh on December 17, 2021, after signing a Memorandum of Understanding (MoU).
As no progress was made on the construction, several investors contacted the company for clarification. In an attempt to placate the investors, a symbolic bhoomi-puja was organized on June 4, 2023, at the proposed Tellapur site. However, after two years, no approvals had been granted and construction had yet to start, as per the allegations made by the complainants.
During a meeting in May 2025, the developer requested additional charges related to square footage and GST, leading some buyers to comply while Mahesh and others refused to pay. “On August 23, the managing partner of the firm, P Sudhakar, abruptly announced the cancellation of the project, instructing customers to shift their investments to other ventures for an extra fee, prompting demands for refunds,” Mahesh stated.
Mahesh’s complaint includes eight additional dissatisfied buyers, collectively contributing ₹4.41 crore through various payment methods to the accused. In response to the complaint, EOW police filed a case under Sections 316(2) (Punishment for criminal breach of trust) and 318(4) (Cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita, as well as Section 5 of the Telangana Protection of Depositors in Financial Establishments Act against the construction company, P Sudhakar, and his associate, P Suguna.
