Hyderabad: Real Estate Fraud Exposed, Couple Arrested
The Economic Offences Wing (EOW) Police of Cyberabad arrested the chairman and managing director of R Homes Infra Developers Pvt Ltd for allegedly deceiving customers through pre-launch offers of flats. The accused collected a staggering Rs 48 crore from 200 customers under false promises.
The arrested individuals are Chakka Bhaskar, the chairman, and his wife Sudharani, the managing director of the company. Their arrest followed a complaint filed by Vadlamudi Manoj Kumar, a resident of Kompally. Based on the complaint, the police registered a case under sections 406, 409, and 420 of the Indian Penal Code (IPC) and began their investigation.
According to the police, the couple came up with a scheme to lure buyers by promoting pre-launch offers without obtaining the necessary permissions from authorities. K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad, stated, “They launched their projects using heavy publicity through media, social media, and celebrity endorsements. They offered flats at prices below market rates and committed to completing the projects within three years.”
To further entice customers, the duo promised compensation for delays. They assured buyers that if the project was not completed on time, they would pay Rs 6,000 per month for a two-bedroom flat and Rs 8,000 per month for a three-bedroom flat as rent. Despite these promises, they collected Rs 48 crore from unsuspecting customers and later went into hiding when buyers began demanding updates.
The complainant, Manoj Kumar, revealed that he had invested Rs 65.50 lakh in multiple projects promoted by the accused between 2020 and 2021. These projects included the Bliss Heights Project in Medchal-Malkajgiri district, the ORR Heights Project in Sangareddy district, and Farmland Projects near Narayankhed in Sangareddy district. The accused had promised significant returns and rapid development, but none of the promises materialized.
The Cyberabad police have cautioned the public to be vigilant about pre-launch offers and advised individuals to verify property legitimacy through legal counsel before making any purchases. The department reiterated its commitment to prosecuting fraudsters and ensuring justice for victims of such scams.
