HYDERABAD: A major pre-launch real estate fraud has surfaced on the outskirts of Hyderabad, with investors alleging that a villa project in Pocharam cheated 42 buyers of ₹39.57 crore.
The Economic Offences Wing (EOW) of the Cyberabad police recently registered a case following complaints from victims.
Police booked Ramalingam Srikanth Reddy, Rajeswari, Swami Reddy, Reddy Sharada, RSR Greenway Infra Private Limited and Suryodaya Group, among others, in connection with the alleged fraud.
According to the complaint, Venkata Koteswara Rao, a resident of Miyapur, received a phone call in January 2023 from a person identifying himself as Ravi, a telecaller for RSR Greenway Infra Private Limited. Ravi allegedly informed him that the company was developing a villa project named 'Rocketry' across 13.22 acres near Outer Ring Road Exit-3 in Pocharam under Patancheru mandal.
Buyer paid ₹3.57 crore for four villas
A week later, Koteswara Rao visited the project site and was shown land where the villas were allegedly proposed to be constructed. Ravi reportedly claimed that the company was also undertaking several other projects.
Koteswara Rao later visited the company's office in Kondapur and met director Ramalingam Srikanth Reddy. He was allegedly told that the company had entered into an agreement with Suryodaya Group and that Swami Reddy and Reddy Sharada were its partners.
The complainant stated that Srikanth Reddy assured him that approvals from the Hyderabad Metropolitan Development Authority (HMDA) and the Real Estate Regulatory Authority (RERA) would be obtained within a month. Buyers were allegedly asked to pay between 20% and 100% of the villa cost depending on the extent of the property.
Believing the claims, Koteswara Rao paid ₹3.57 crore for four villas.
Victims allege company stopped responding
The complainant later discovered that the project had not received the promised approvals. He also found that construction at the site shown to him was being carried out under the name of Garnet Suryodaya Group.
When he tried contacting representatives of RSR Greenway Infra, they allegedly stopped responding to his calls.
Koteswara Rao later learnt that the accused had allegedly collected ₹39.57 crore from 42 buyers through the project. He subsequently approached the Cyberabad EOW police, who registered a case and launched an investigation.