HYDERABAD: A private employee from Chikkadpally has approached the Cyberabad EOW, claiming that a real estate company and its executives defrauded him and other investors of several crores through a pre-launch offer for a project at Bhanur in Sangareddy district. After the accused failed to deliver on their promises, he filed a cheating complaint with the police.
The complainant, P. Kishore Kumar, 45, reported that he and roughly 300 other buyers were persuaded to invest in Bharathi Green Empire Heights, a real estate project promoted by Bharathi Builders India. The company’s chairman, Dupati Nagaraju; managing director, Mulpury Siva Rama Krishna; and CEO, Ponnari, began marketing the venture in late 2021, offering flats under an enticing pre-launch scheme. “Sales agent G. Lakshmana Rao, who claimed to be RERA certified, presented documents for 6.35 acres of land in Bhanur and assured us that necessary approvals and an HMDA layout permit were being processed,” Kumar explained.
Convinced by this offer, Kumar booked a two-bedroom flat measuring 1,150 square feet, paying Rs 11.5 lakh—half the quoted price—through cheques and online transfers. An MOU dated October 28, 2021, promised project completion within 30 months. However, when the project failed to materialize, Kumar sought a refund in April 2023, but did not receive it.
As a result, some buyers discovered that a significant portion of the project land had been sold to another businessman without their or the planning authorities’ knowledge. “Attempts to meet with the builder met with threats, and refund cheques issued to some customers were bounced,” Kumar informed the police.
Kumar identified 22 other victims who collectively paid Rs 5.39 crore, alleging that the accused misled investors with false brochures, TV ads promising to double their money in two years, and verbal buy-back guarantees.
Following the complaint, a case was filed under Sections 318(4) (cheating) and 316(2) (punishment for criminal breach of trust) of the Bharatiya Nyaya Sanhita against Bharathi Builders India Private Limited and its executives. Police are reviewing documentary evidence, including payment receipts, and plan to initiate appropriate legal actions against the accused after gathering more evidence.
