Cyberabad EOW books Bharathi Builders chief Dupati Nagaraju, others in ₹5.39 Cr pre-launch scam

Hyderabad:Cyberabad Economic Offences Wing (EOW) has busted another pre-launch real estate scam and registered a case against the chairman, managing director, and other senior officials of Bharathi Builders India Private Limited for failing to deliver flats to homebuyers in an apartment project at Bhanur, Sangareddy, despite collecting Rs 5.39 crore.

Police have named Chairman Dupati Nagaraju, Managing Director Shivarama Krishna, CEO Ponnari, shareholders Sunil Kumar Ahuja and Ashish Ahuja in the FIR.

Investors lured with ‘Double Your Money’ promise

According to the complaint, the company promoted a project in Bhanur, Sangareddy district, assuring investors that their money would double within two years under a “pre-launch offer.”

P. Kishore Kumar, a private employee from Chikkadpally, said he agreed to purchase a 1,150 sq. ft. double-bedroom flat in the proposed project. As part of the pre-launch scheme, he paid Rs 11.5 lakh in October 2021, 50% of the total cost.

However, during a subsequent visit to the project site, he noticed a board stating that the land was under the ownership of Sunil Kumar Ahuja and his associated companies.

Further inquiries revealed that a major portion of the land had allegedly been transferred without informing nearly 300 customers.

Kishore later found that at least 22 other investors had collectively paid Rs 5.39 crore and were similarly cheated. The victims then approached the Cyberabad EOW.

Similar Rs 60 crore fraud case in 2024

This is not the first case against the firm. In 2024, Cyberabad EOW had registered another case against Bharathi Builders’ representatives, including Dupati Nagaraju and Shivarama Krishna.

In that case, the company allegedly collected nearly Rs 60 crore from around 350 investors under a pre-launch offer for a project named “Bharathi Lake View” spread over 6.23 acres in Kompally.

Instead of constructing flats, the land was reportedly sold to another party.

The accused were arrested in connection with that case.

Investigation underway

Police have begun a detailed investigation into the fresh allegations. Officials are examining financial transactions, land ownership records, and investor agreements to determine the extent of the fraud.

Authorities have advised investors to verify project approvals and land ownership documents before investing in pre-launch real estate schemes.