In a major development, Kancharla Sathish Chandra Gupta, the proprietor of Sai Surya Developers, was arrested by the Cyberabad Police Economic Offences Wing (EOW) for his involvement in a large-scale real estate scam. Gupta, along with his accomplice Narender Surana, allegedly defrauded property buyers of Rs50 crore by creating and selling unauthorized plots in fake layouts.
The scam came to light following a complaint from Pothuganti Gopal Reddy, a victim who had paid Rs1.45 crore as an advance for a plot worth Rs3.25 crore in the fraudulent layout at Vattinagulapally village, located in Rangareddy district. Reddy claimed that the plot, which he had purchased for his son in 2019, was resold to another buyer under a new layout name, ‘Shanmukha Nivas’. Despite paying a substantial amount, the plot was never legally registered, and the accused developers avoided further communication by changing office locations and even hiring security guards to restrict access to the disputed property.
The accused were involved in a scheme where Kancharla Sathish Gupta and Narender Surana, the managing director of Bhagyanagar Properties Limited, created multiple unauthorized layouts — including ‘Sai Tulasi Enclave-IV’ and ‘Shanmukha Nivas’ — on the same piece of land. They sold plots without legal registration, effectively defrauding multiple buyers. Gupta had been previously given power of attorney over the land by Surana, allowing him to sell plots under different layout names. The buyers were misled into believing the layouts were authorized by relevant authorities.
Investigations revealed that Gupta had been involved in 11 similar cases, employing the same fraudulent method to deceive buyers and collect crores of rupees through illegal land transactions. Police also discovered that the developers had used the fraudulent sale agreements to manipulate the transactions, while avoiding necessary legal registrations and approvals.
Gopal Reddy, the complainant, reported that after the first purchase in 2019, he attempted to buy another plot in January 2023, only to discover that the plot had already been resold and was being marketed under a different layout name. Gupta’s fraudulent actions included selling the same land multiple times under different names, a scheme that continued undetected until Gopal Reddy filed a complaint with the police.
Police officials said that the arrested accused, Kancharla Sathish Gupta, will be facing charges of cheating, forgery, and conspiracy. Investigations are ongoing, and more victims of the scam are expected to come forward. Authorities have also urged the public to exercise caution while purchasing property and to ensure proper legal registrations before making large financial transactions.
