Hyderabad Real Estate Scam: Promoters Siphon 19 Crore from Investors
The Economic Offences Wing (EOW) of Cyberabad police has booked the promoters of SSLS Real Estate & Constructions for allegedly defrauding city-based investors of nearly 19.4 crore.
Real Estate FraudEconomic OffencesInvestor ScamHyderabad NewsSsls Real EstateReal Estate NewsOct 11, 2025
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.
Frequently Asked Questions
What is the total amount siphoned off by the promoters of SSLS Real Estate & Constructions?
The promoters of SSLS Real Estate & Constructions allegedly siphoned off nearly 19.4 crore from a group of city-based investors.
Who are the main accused in this real estate fraud case?
The main accused in this real estate fraud case are K Upendra, his father Atchuta Rao, and their mutual friend Mohan Muralidhar.
What did the promoters promise to the investors to entice them?
The promoters promised full repayment within months and cash profits to entice the investors into investing in their purportedly fast-growing property portfolio.
What actions did the investors take when they sought repayment?
When the investors sought repayment, the accused signed a memorandum of understanding on Aug 10, 2024, promising staggered refunds or plots of equal value. They also issued seven cheques worth nearly 13.3 crore, all of which were dishonoured.
What legal action has been taken against the accused?
A case has been registered against Upendra, Atchuta Rao, Mohan Muralidhar, and SSLS Real Estate & Constructions under Sections 318(4), 316(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS).
Related News Articles
Mahindra Lifespaces Unveils Phase 4 of Pune's Premium Residential Project
Mahindra Lifespaces launches the final phase of its residential project Mahindra Happinest Tathawade in Pune
Tier 2 Cities: The Emerging Hotspots for Real Estate Investment in India
Discover why Tier 2 cities are becoming the next big investment hubs for real estate in India, driven by rapid urbanization, growing disposable incomes, and infrastructure development.
K-RERA Mandates BDA to Pay Rs 12.5 Lakhs for Construction Delay
In a significant ruling, the Karnataka Real Estate Regulatory Authority (K-RERA) has ordered the Bangalore Development Authority (BDA) to pay Rs 12.5 lakhs to a homebuyer for the delay in the project site development.
Omaxe's Share Price Plummets: A 52-Week Low Amid Rising Losses
Omaxe's stock hit a new 52-week low on Friday, opening at Rs 74.75 per share and dipping further during the trading session. This decline comes amid increasing financial losses for the real estate firm.
Tragic Electrocution Occurs While Setting Up Traps in Mulugu
A man was tragically electrocuted while setting up traps to hunt wildlife in the Mulugu district of Telangana. The incident highlights the dangers of tampering with electrical systems and the need for safety measures.
Navigating the Job Market: Challenges and Strategies Amid Economic Uncertainty
The current economic climate has left many industries grappling with job uncertainty and falling incomes. From ancillary services to real estate and consumer goods, the impact is widespread. This article explores the challenges and potential strategies to navigate these tough times.