EOW probes two major real estate fraud cases

Property Pulse

Two major alleged real estate fraud cases involving investments exceeding ₹25 crore have surfaced in Hyderabad, with the Cyberabad Police Economic Offences Wing (EOW) registering cases and launching investigations against the firms and individuals named in the complaints.

In the first case, police registered an FIR against SVM Aditya Homes and its partners N. Srinivas Babu and Julakanti Madhusudan Reddy over allegations of collecting money from buyers for a proposed villa project at Kishtareddypalli in Ameenpur mandal of Sangareddy district without commencing construction activity.

According to the complaint, a software professional from Khanamet was allegedly convinced by company representatives in 2023 to purchase two villas in the proposed project after being informed that all approvals were in place.

The complainant reportedly paid around ₹80 lakh toward the purchase. However, after observing no visible construction progress, further inquiries allegedly revealed that the firm had collected nearly ₹15.10 crore from around 20 buyers.

Police said the matter is currently under investigation.

In a separate case, representatives of ASR Heights Private Limited were accused of allegedly collecting investments by promising monthly returns of 4 per cent linked to real estate ventures.

According to the complaint filed with police, investors reportedly deposited large sums between 2022 and 2023 after being assured regular returns.

The complainant alleged that initial payments were made for a brief period before the payouts stopped completely.

Police registered cases against several individuals named in the complaint and initiated investigation into the alleged investment scheme.

Officials said inquiries are underway in both cases.

Real estate experts say the incidents once again underline the importance of verifying project approvals, RERA registrations, land ownership documents and financial claims before investing in property-related schemes.

Highlights:
• EOW registers cases in two alleged fraud matters.
• Complaints involve losses exceeding ₹25 crore.
• Villa project and investment-return schemes under probe.
• Buyers advised to verify approvals and registrations.