Hyderabad Police Register Case Against Real Estate Firm for Defrauding Buyers of Rs 5.6 Crore

Hyderabad: Central Crime Station (CCS) detectives have registered a case against a real estate company and its promoters for allegedly cheating multiple home-buyers of over Rs 5.6 crore in a pre-launch project at Tellapur. The complainant, Vinod Sadak, a 47-year-old private employee from Kothapet, alleged that he paid the developer Rs 77 lakh for a 2,200 sq ft flat in the proposed gated community but received neither the flat nor a refund.

Vinod said that in November 2022, he came to know that the company, with its registered office at Road Number 76 in Jubilee Hills, advertised a pre-launch residential high-rise gated community project called ‘Tripura Nirvana' at Tellapur. The company was represented by its founder and chairman, Pasupuleti Sudhakar, partner Pasupuleti Suguna, along with Shiva Krishna and Pallavi Krishna.

“I visited their office and met the director and partner. They advertised a 1,000-plus flats high-rise spread across 12 acres, complete with a 40,000 square feet clubhouse, swimming pool, supermarket, and other amenities, promising completion within three years,” the victim told the police.

Believing the accused, between December 29, 2022, and April 12, 2023, Vinod transferred the entire consideration of Rs 77 lakh through cash and online modes after signing a memorandum of understanding with the firm. “The company neither began construction nor secured mandatory approvals. They are now trying to transfer the project land to another entity and also trying to shift offices to avoid buyers,” the complainant alleged. He also listed nine other customers who together paid about Rs 4.9 crore for flats and alleged that the accused threatened them when they demanded delivery or refunds.

Based on Vinod's complaint, CCS police booked a case under Section 318(4) (cheating) read with 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana State Protection of Depositors in Financial Establishments Act on February 27 against the company, Pasupuleti Sudhakar, Pasupuleti Suguna, Shiva Krishna, Pallavi Krishna, and others. “We are verifying the documentary evidence and bank transactions. Based on the preliminary probe, appropriate legal action will be initiated,” said a CCS official.