Cyberabad EOW Cracks Down on ₹39 Crore Real Estate Fraud in Pocharam Villa Project
The Economic Offences Wing (EOW) of Cyberabad Police has taken significant action against two private real estate firms for a massive fraud involving a proposed villa project in Pocharam, located in Patancheru mandal near Hyderabad. The case, which has defrauded over 40 investors of ₹39.57 crore, involves allegations of fake approval claims, duplicate villa allotments, and the misuse of funds collected from buyers.
According to a complaint filed by IT employee O Venkata Koteswara Rao, a resident of Miyapur, he and other investors were approached through tele-calling in January 2023 by RSR Greenway Infra. The firm allegedly offered luxury villas under the “Rocketry” project, spanning 13 acres and 22 guntas, while claiming that the necessary approvals from the Hyderabad Metropolitan Development Authority (HMDA) and the Real Estate Regulatory Authority (RERA) were in the process.
The complainant alleged that he and his wife opted for a 100 percent upfront payment plan at ₹3,900 per square foot and paid ₹3.57 crore for four villas. They were assured that development agreements and sale deeds had been executed between RSR Greenway Infra and Suryodaya company partners. However, despite receiving full payment, the accused allegedly failed to begin construction or obtain the required statutory permissions.
Investigators found that at least 42 investors were affected, with individual investments ranging from ₹14 lakh to ₹1.45 crore. The total suspected fraud amount has been pegged at ₹39.57 crore. Among those named in the case are R Srikanth Reddy, his wife Rajeswari, and Suryodaya partners Swamy Reddy and Reddy Sharadha.
The EOW also uncovered allegations that multiple memorandums of understanding were executed for identical villa numbers, indicating possible duplicate allotment and fraudulent allocation of units. This practice further exacerbated the financial losses of the investors.
Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors in Financial Establishments Act. Investigators are now examining bank transactions, digital communications, and property documents linked to the accused firms. Authorities are coordinating with financial institutions to trace the flow of funds, layered transfers, and possible beneficiary accounts.
Officials indicated that more complaints may emerge as other investors become aware of the case. In light of this fraud, police have advised citizens to verify approvals, developer credentials, and land titles before investing in high-value real estate projects. They also urged buyers to insist on legally registered agreements and to avoid making full upfront payments in speculative developments.
The EOW's action in this case underscores the importance of due diligence and the need for stringent regulatory oversight in the real estate sector to protect investors from fraudulent schemes. As the investigation continues, it is hoped that justice will be served for the affected investors, and measures will be put in place to prevent such frauds in the future.
