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City-based realtors arrested for defrauding 350 customers

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Police said that three promoters of Bharati Lake View cheated people of between Rs 50 and Rs 60 crorePNS n hyderabad

The Economic Offence Wing (EOW) Police of Cyberabad Police Commissionerate arrested three accused on Friday for allegedly cheating a large number of people in the name of a pre-launch offer of Residential Apartments, called “Bharathi Lake View” at Kompally in Medchal-Malkajgiri District.
Police arrested Chairman of Bharathi Builders Dupati Nagaraju, Managing Director Mulpury Shivarama Krishna, and Chief Executive Officer Thoddakula Narasimha.
The accused Dupati Nagaraju and Mulpury Shivarama Krisha started a construction firm in the year 2021 in the name of Bharathi Builders office at Madhapur. He acquired 6.23 acres of land at Kompally and announced his plans to construct residential apartments in the name of Bharathi Lake View apartments.
Later, he hatched a plan to collect huge deposits from prospective buyers by offering a pre-launch offer at an attractive price. The promoters offered flat at the rate of  Rs 3,200 for square feet.
As per their plan, they published brochures and held meetings at Kompally and Madhapur to attract deposits from potential buyers. For this purpose, Nagaraju and Shivarama Krishna appointed Narasimha Rao as CEO for Bharathi Builders to bring in more purchasers. After some days the accused persons, after collecting deposits, did not construct any building and sold the entire land of 6.23 acres worth about Rs 100 crore to other people.
The complainant BVS Prasada Rao and about 350 others were cheated of between Rs 50 and Rs 60 crore. The case was filed under 406,420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999.
The EOW DCP K Prasad appealed to the public not to invest and deposit money in such pre-launch offers and to report any suspicious investment schemes/real estate transactions or activities to the authorities. The department is committed to prosecuting those who dupe people and ensuring justice for the victims.

The case is being investigated by EOW inspector J. Venkateswarlu under the supervision of DCP K. Prasad.

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