Cyberabad Police arrest three realtors for Rs 60 crore ‘pre-launch offer’ scam in Kompally
The arrested persons Dupati Nagaraju, Mulpury Shivarama Krishna, and Thoddakula Narsimha Rao alias Ponnari, started a construction firm in the year 2021 in the name of M/s “Bharathi Builders” with its office at Madhapur.
Hyderabad: Three realtors who collected nearly Rs 50 crore to Rs 60 crore from investors under the pretext of ‘pre-launch offers’ with the false promise of constructing residential apartments in Kompally locality were arrested by the Cyberabad police.
The arrested included the Chairman of Bharathi Builders Dupati Nagaraju, MD of the company Mulpury Shivarama Krishna and CEO of the company Thoddakula Narasimha Rao an official press release said on Saturday. Cases under sections 406 and 420 of the IPC and section 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999 were registered against them.
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Police said the company chairman Dupati Nagaraju and MD Mulpury Shivarama Krisha floated the company Bharathi Builders in 2021 and acquired 6.23 acres of land in Kompally and planned to construct residential apartments in the name of “Bharathi Lake View”. They collected huge deposits from prospective purchasers through a ‘pre-launch offer’ at a price of Rs, 3,200 per sft by publishing colourful brochures and conducting meetings at venture Kompally and at their office in Madhapur. The duo roped in Thoddakula Narsimha Rao as the CEO of the company to lure more buyers for which they offered huge commission on the sale of flats. However, instead of constructing the apartments, they sold the entire land parcel to another party.
The Economic Offences Wing (EOW) of Cyberabad police registered a case after B.V.S Prasada Rao and about 350 others lodged complaints. The case is being investigated by Inspector J.Venkateswarlu under the supervision of DCP K. Prasad, the press release said.
