Hyderabad Police Book Real Estate Developers for Fraudulent Schemes

HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad has taken significant action against several individuals for allegedly cheating over 80 people out of Rs 3.48 crore. The fraud was carried out under the guise of offering residential plots in a real estate venture.

The case was initiated following a complaint from a 33-year-old businessman, G Shiva Kumar. In 2022, Shiva Kumar was introduced by Rambabu and Jaganadam to a group of individuals, including Dasari Sathyanarayana, Gangumalla Vara Prasad, Pendam Shivaram, and Anduri Ravi Goud, among others.

The accused claimed they were developing a large real estate project over approximately seven acres of land in Peddakanjarla village, located in the Patancheru mandal of Sangareddy district. They assured potential buyers that all necessary approvals would be obtained and offered the plots at relatively low prices.

Believing their claims, Shiva Kumar agreed to purchase two plots for Rs 3.77 lakh and Rs 6.50 lakh, paying a total of Rs 10.27 lakh. In return, he was provided with non-registered agreements of sale on Rs 100 non-judicial stamp papers.

Despite multiple requests, the accused failed to execute the registered sale deeds or hand over possession of the plots. The situation worsened following the death of the alleged landowner, Anduri Nagesh Goud, after which his son, Anduri Ravi Goud, reportedly took over the dealings related to the agreements.

The Economic Offences Wing (EOW) of Cyberabad has now taken legal action against the accused, charging them with cheating and other related offenses. The investigation is ongoing, and the police are urging other victims to come forward and report their experiences.

This case highlights the ongoing issues in the real estate sector, where unscrupulous developers often exploit the trust of buyers. It also underscores the importance of due diligence and verification of all legal documents before making any property investments.

For potential buyers, it is crucial to conduct thorough research, verify the credentials of developers, and ensure that all necessary approvals and registrations are in place. This can help prevent falling victim to fraudulent schemes and protect one's financial investments.

The Hyderabad police are committed to ensuring that justice is served and that victims of such frauds are compensated. They are working diligently to bring the accused to trial and to recover the lost funds for the affected buyers.

In the meantime, the real estate market in Hyderabad continues to grow, and it is essential for both developers and buyers to adhere to ethical practices and legal standards to maintain the integrity of the market and protect the interests of all stakeholders.