The Central Crime Station (CCS) police have registered a case against two directors of a construction firm for allegedly cheating a businessman of Rs87 lakh in an investment fraud linked to a pre-launch real estate project.
The accused have been identified as D Nagaraju and M Siva Rama Krishna, directors of Bharathi Builders.
According to the complaint filed by Krishna Sumath, a resident of Banjara Hills, the incident dates back to August 2021. The accused allegedly persuaded him and his brother Krishnakanth to invest in a pre-launch project in Sangareddy.
The directors claimed they had acquired 6.39 acres of land across multiple survey numbers in Bhanoor and promised lucrative returns. They assured the investors that the principal amount would double within 36 months and offered two fully furnished flats as security.
On August 4, 2021, Sumath invested Rs64 lakh. In return, the accused executed a Memorandum of Understanding (MoU), allotting two flats of 1,300 sq ft each in the proposed project.
Later, the builders allegedly demanded an additional Rs23 lakh, citing an increase in flat size to 1,715 sq ft. The complainant and his brother paid the amount, raising the total investment to Rs87 lakh.
However, the promised maturity date of August 3, 2024 passed without any repayment or visible construction progress. Upon verifying land records, the complainant discovered that the property had already been sold to another party.
In his complaint, Sumath alleged that the land was no longer registered under Bharathi Builders and accused the directors of issuing threats through anti-social elements when confronted.
Based on the allegations, CCS police have booked the accused under relevant sections of the Bharatiya Nyaya Sanhita, including cheating and criminal conspiracy, along with provisions of the Telangana Protection of Depositors of Financial Establishments Act.
Further investigation is underway to establish the full extent of the fraud and identify any additional victims.
