HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has initiated a cheating case against the directors and partners of two private firms. The individuals are accused of defrauding over 40 investors of more than Rs 39 crore in a proposed villa project in Pocharam, Patancheru mandal.
The complaint was filed by O Venkata Koteswara Rao, a 49-year-old IT employee from Miyapur. He alleges that R Srikanth Reddy, director of RSR Greenway Infra, along with his wife and co-director Rajeswari, and partners of Suryodaya company, Swamy Reddy and Reddy Sharadha, deceived him and 41 other investors.
According to Rao, in January 2023, a tele-caller from RSR Greenway Infra approached him about their ‘Rocketry’ villa project encompassing 13 acres and 22 guntas in Pocharam, claiming that HMDA and RERA approvals were underway.
Rao and his wife later visited Srikanth Reddy at the company’s office in Kondapur. “Reddy claimed that his company had established a development agreement and powers of attorney with Suryodaya, represented by Swamy Reddy and Reddy Sharadha, for the project development,” Rao informed the police.
Believing their claims, the couple chose a 100% upfront payment plan at Rs 3,900 per square foot and paid Rs 3.57 crore for four villas. From April 2023 to March 2024, they received memoranda of understanding, three sale deeds, and development agreements.
However, Rao contends that despite making the entire payment, the accused failed to start construction or obtain the necessary statutory approvals. “The project has yet to commence, indicating that the accused had no intention to follow through and thus defrauded us,” stated the complainant.
EOW officials reported that at least 42 additional buyers invested amounts ranging from Rs 14 lakh to Rs 1.45 crore each, bringing the total suspected fraud to Rs 39.57 crore.
Following the complaint, Cyberabad EOW filed a case on April 27 against the accused and their firms under relevant portions of the BNS and the Telangana Protection of Depositors in Financial Establishments Act.
“The complainant also mentioned that the accused issued MOUs for multiple customers for the same villa numbers. We are currently gathering evidence and will take appropriate legal action following our preliminary investigation,” said an EOW official.
