Hyderabad Real Estate Scam: 13 People Defrauded of ₹7.98 Crore in Bogus Investment Schemes

Hyderabad: Police have registered two separate cases after victims were duped of crores of rupees through fake real estate promises and a bogus investment scheme.

A major real estate scam has come to light in which four individuals allegedly cheated around 80 people by selling plots in a non-existent venture. According to the complaint filed with the Cyberabad Economic Offences Wing (EOW), the accused, Dasari Satyanarayana, Gangu Malla Varaprasad, Pendem Shivaram, and Ravi Goud, claimed to be developing a large residential venture spread across seven acres in Peddakanjerla village of Patancheru mandal.

They promised affordable plots and assured buyers that all necessary government approvals would be secured soon. Believing their claims, a victim, Shiva Kumar from Ayyappa Society, paid ₹10.27 lakh in December 2022 for two plots. The accused even issued a written acknowledgment on a ₹100 stamp paper. However, even by 2025, the plots were not handed over. Upon further inquiry, the victim discovered that the land in question was assigned land, over which the accused had no legal ownership or rights to sell. It was also revealed that nearly 80 people were collectively cheated of around ₹3.48 crore. Realizing the fraud, the victim approached the police, leading to the registration of a case.

In another case, five persons have been booked for allegedly cheating a man of ₹4.5 crore under the guise of an investment opportunity. The victim, Manne Ashok Kumar from Madhapur, was introduced to the accused, Mahmood, Ballikura Shobha, Srikanth Reddy, Illuri Lenina, and Narra Anuradha, through acquaintances. They claimed to be running a firm named “Jai Bharat Enterprises” and offered a 30% share for an investment of ₹50 lakh. When the victim expressed an inability to invest, the accused allegedly offered to arrange a loan. Taking advantage of his trust, they secured loans by mortgaging his house documents. However, they handed over only a small portion of the loan amount while siphoning off the rest. The victim later realized that loans amounting to ₹4.5 crore had been taken in his name without his full knowledge. He subsequently lodged a complaint with the EOW police.

Cyberabad EOW officials have registered cases in both incidents and are investigating the role of the accused. Authorities have urged the public to exercise caution while investing in real estate or business ventures and to verify legal documents thoroughly before making any financial commitments.