Case registered against real estate firm for duping investors
The Cyberabad Economic Offences Wing has registered a case against the directors of Praneeth Concept Private Limited after around 55 homebuyers alleged they collected Rs 24.88 crore through a pre-launch apartment scheme and failed to deliver the promised flats
Hyderabad: Allegations of a multi-crore real estate fraud have surfaced against Praneeth Concept Private Limited, with around 55 homebuyers accusing the firm’s directors of collecting Rs 24.88 crore through a pre-launch apartment scheme and failing to deliver the promised flats.
According to information available, one Harshavardhan Reddy, a resident of Champapet, approached the company in 2023 after learning about its apartment project at Puppalaguda. The company’s directors, Praneeth and Suresh, allegedly promised to hand over a flat by June 2024 under a pre-launch offer, following which he paid Rs 77 lakh.
Police said the firm allegedly collected Rs 24.88 crore from about 55 buyers on similar promises.
The complainants later found that the same flat had allegedly been sold or registered to multiple buyers.
The Cyberabad Economic Offences Wing (EOW) has registered a case against directors Praneeth and Suresh and is investigating the allegations.
