Hyderabad: Bharathi Builders cheats 350 people of Rs 60 crores in ‘pre-launch offer’ in Kompally; 3 held

Hyderabad: The Economic Offences Wing (EOW) Police of Cyberabad arrested three persons, accused of cheating around 350 people in the name of a pre-launch offer of residential apartments ‘Bharathi Lake View’ at Kompally, Medhcal-Malkajgiri district.

The arrested persons have been identified as Dupati Nagaraju, chairman of Bharathi Builders, a partnership firm at Madhapur, Hyderabad; Mulpury Shivarama Krishna, the MD; and Thoddakula Narsimha Rao alias Ponnari, the CEO of the firm.

Modus Operandi

Dupati Nagaraju and Mulpury Shivarama started a construction firm in 2021 in the name of Bharathi Builders and set up an office in Madhapur, Hyderabad. They acquired 6 acres 23 guntas of land in Kompally and planned to construct residential apartments in the name of Bharathi Lake View apartments.

Later, they hatched a plan to collect huge deposits from prospective purchasers in the name of a pre-launch offer. They offered flats to the public at Rs 3,200 per square feet in colourful brochures and conducted meetings to attract deposits from various purchasers.

The duo also appointed Thoddakula Narsimha Rao as the CEO for Bharathi Builders to bring purchasers, for which they offered a huge commission on the sale of flats.

As per the police data, the complainant BVS Prasada Rao and about 350 others deposited Rs 50-60 crores under the pre-launch offer.

However, even after collecting the deposits, they did not construct any building, failed to deliver the flats to the purchasers as promised and sold the entire land for Rs 100 crores to another party.

A case has been registered under sections 406, 420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act-1999 of PS EOW, Cyberabad.

Public advisory

The Cyberabad EOW Police appeal to the public not to invest/deposit any money in any 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 the perpetrators and ensuring justice for the victims.