Rs 15 Crore Real Estate Fraud: Hyderabad Buyers Accuse SVM Aditya Homes

Hyderabad: In a major real estate fraud case, the Economic Offences Wing (EOW) of Cyberabad Police has registered a criminal case against Hyderabad-based SVM Aditya Homes and its partners. The group had allegedly collected nearly Rs 15 crore from buyers for a villa project on land that was reportedly not owned by the builder.

The case surfaced after several buyers claimed they were lured into investing huge sums in a proposed gated community project named ‘Tech Homes’ at Kistareddypeta village in Ameenpur Mandal of Sangareddy district. Police said the accused allegedly promised HMDA approvals, premium villa construction, and assured returns, but later failed to carry out construction activity or execute proper registered agreements.

The complaint was filed by Bedadam Rama Rao, a software engineer employed with Bank of America and residing in Serilingampally. According to the FIR, Rama Rao alleged that representatives of SVM Aditya Homes contacted him in October 2023 and promoted the ‘Tech Homes’ villa project as a large-scale residential venture spread across nearly nine acres. The company allegedly offered villas of various sizes at comparatively lower prices and assured customers that all necessary approvals would be obtained from competent authorities.

Believing the promises made by the company representatives, the complainant visited the firm’s office at Icon Towers in Kondapur and agreed to purchase Villa No. 92 measuring 183 square yards with a built-up area of 3,043 square feet. The total cost of the villa was fixed at Rs 1.79 crore, excluding amenities charges. Police said the complainant paid Rs 80 lakh through RTGS transfers and cheques between November 2023 and April 2024 to the accounts of SVM Aditya Homes.

Investigators said buyers who made partial payments were allegedly issued only non-registered Memorandums of Understanding (MOUs) on Rs 100 stamp papers instead of registered sale agreements. The company reportedly assured customers that registered sale deeds and development agreements would be executed after completion of payments or approval of bank loans. The accused also allegedly promised refunds with bank interest in case customers suffered losses.

Rama Rao wasn’t the only one who made payments to secure a villa. Police said the accused allegedly collected money from at least 20 customers by offering villas in the project. The FIR lists payments made by several buyers ranging from Rs 26 lakh to Rs 1.9 crore. The total collections identified in the complaint are estimated at around Rs 14.30 crore, while investigators suspect the overall amount may exceed Rs 15 crore.

The alleged fraud came to light after buyers reportedly discovered that the land linked to the project was neither registered in the name of the company nor legally owned by the accused persons. Complainants further alleged that no significant layout development or villa construction activity was taking place at the site despite crores of rupees being collected from customers. Police said the allegations point towards cheating, criminal breach of trust, conspiracy, and misappropriation of funds.

Based on the complaint, Cyberabad EOW Police registered Crime No. 54/2026 under Sections 318(4), 316(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana State Protection of Depositors of Financial Establishments Act (TSPDFEA)-1999. The investigation has been handed over to Inspector Md. Habibullah Khan of the EOW Police Station, Cyberabad.