Hyderabad Real Estate Scam: Promoters Siphon 19 Crore from Investors
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police has booked the promoters of SSLS Real Estate & Constructions for allegedly siphoning off nearly 19.4 crore from a group of city-based investors. According to a complaint filed by Badari Nadh Gelli, a Miyapur businessman, the fraud began in July 2023 when mutual friend Mohan Muralidhar arranged a meeting at Lodha Meridian, Kukatpally. There, the accused, K Upendra, and his father Atchuta Rao allegedly presented themselves as high-profile, trustworthy developers with ventures across Telangana and Andhra Pradesh, and solicited funds for a purportedly fast-growing property portfolio.
Enticed by promises of full repayment within months and cash profits, Gelli and three friends — R Mohan Krishna, B Nageswar Rao, and Kishore — steadily transferred money through bank channels and cash, ultimately investing 10.02 crore, 3.33 crore, 5.56 crore, and 50 lakh, respectively. According to the police, the complainants borrowed from relatives, friends, and even high-interest loan apps to meet repeated demands allegedly made by Upendra, who threatened that earlier investments will be lost unless additional capital was pumped in.
When the investors sought repayment, the accused signed a memorandum of understanding on Aug 10, 2024, promising staggered refunds or plots of equal value. 'Upendra also issued seven cheques worth nearly 13.3 crore, all of which were dishonoured on submission on Aug 14, 2025. Subsequent attempts to contact the trio were met with abuse and threats,' the complainant stated.
Based on the complaint, a case was registered in the last week of September against Upendra, Atchuta Rao, Mohan Muralidhar, and SSLS Real Estate & Constructions under Sections 318(4) (cheating) and 316(2) (punishment for criminal breach of trust) read with 61(2) (criminal conspiracy punishment) of the Bharatiya Nyaya Sanhita (BNS). 'We are in the process of collecting the evidence, based on which, appropriate action will be initiated against the accused,' said an EOW officer.
