Hyderabad: White Waters Constructions booked for not constructing flats, cheating homebuyers of ₹9.82 Cr

Hyderabad: Cyberabad Economic Offences Wing (EOW) Police have registered a case against White Waters Constructions Private Limited for allegedly cheating homebuyers of Rs 9.82 crore.

The firm had promised the homebuyers to construct flats near the Moosapet Y Junction.

The case was filed based on a complaint by a woman who alleged that the company collected huge sums from buyers without delivering the promised flats and even resorted to double registrations of properties.

Money collected, homes not delivered

According to the complaint, the construction company allegedly collected Rs 9.82 crore from 15 buyers. The complainant also claimed that the firm may have collected nearly Rs 270 crore from around 500 people using similar promises.

Booking turned into a financial trap

The complainant stated that she visited the company’s office near Moosapet Y Junction in December 2018. The directors, Ajay Salike, Tanay Salike, Vijayalakshmi, and others, informed her that the firm was undertaking a project involving the construction of 816 houses.

Believing their claims, she paid Rs 11 lakh to book a flat measuring 1,650 square feet.

Cost escalation and delayed promises

Subsequently, the builder allegedly informed her that the flat area had been increased to 1,945 square feet and raised the total cost to Rs 92.10 lakh. Under pressure, the complainant entered into a sale agreement in 2022.

The builder initially promised to hand over the flat by December 2024, later extending the deadline to December 2025. However, the construction was never completed.

Double registration and loan fraud

While making inquiries, the complainant discovered that the flat allotted to her had been registered in another person’s name. She also learned that a loan of Rs 1.27 crore had been taken on the same property.

When questioned, director Ajay Salike reportedly assured her that the loan would be cleared and the registration completed in her favour. Despite repeated assurances, neither the loan was repaid nor the flat registered.

More victims come to light

Further inquiries revealed that at least 15 buyers had paid a total of Rs 9.82 crore to the company under similar circumstances. Based on these findings, the complainant approached the police.

Police action

Cyberabad EOW police have registered a case against the directors of White Waters Constructions and have begun an investigation into the alleged large-scale real estate fraud.