Cyberabad Police Register Case Against 10 for Real Estate Fraud via Insolvency Proceedings

HYDERABAD: Cyberabad's Economic Offences Wing (EOW) police have registered a criminal case against 10 individuals, including members of a business family, a chartered accountant, and others. The accused are charged with forging company documents, cheating, criminal conspiracy, and fraudulently taking control of a real estate firm through insolvency proceedings.

According to the complaint, the case was filed by a 42-year-old businessman, who is the promoter of an infrastructure and real estate company. The businessman alleged that the accused misused provisions of the Insolvency and Bankruptcy Code (IBC) and submitted fabricated documents to the National Company Law Tribunal (NCLT) to gain control over the firm and its assets.

The complainant, based in Bachupally, has been engaged in construction and real estate activities for several years. During a period of financial distress, legal disputes, and business setbacks, the company allegedly became vulnerable to manipulation by persons with access to its affairs. The businessman alleged that some of the accused, including former associates of the company, unlawfully accessed records, letterheads, and cheques.

These documents were allegedly used to create false loan confirmation letters and supporting documents, which were then submitted before the NCLT to project the accused as financial creditors. The FIR stated that the accused allegedly became members of the Committee of Creditors (CoC) through these claims and subsequently influenced the Corporate Insolvency Resolution Process.

The complainant said the process was manipulated to secure control over the company and its assets, including more than 34 acres of land in Bacharam village of Abdullapurmet mandal, Rangareddy district. He further pointed out that certain cheque numbers mentioned in the documents were dated 2017 and 2018, though the cheque books were issued only in 2019, suggesting fabrication and backdating.

The victim estimated his financial loss, including company assets, business opportunities, and reputation, at ₹200 crore. Based on the complaint, EOW police registered a case under various sections of the Indian Penal Code (IPC) related to cheating, forgery, criminal conspiracy, and the use of forged documents. The investigation is currently underway.