HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has registered a cheating case against a Jubilee Hills–based construction firm and its partners for allegedly duping nine homebuyers of over ₹4.41 crore through a stalled residential project in Tellapur.
According to police, complainant K. Mahesh (34), an employee of a city-based PSU, and his friend T. Chandra Kiran Kumar were looking to buy a flat in 2021 when a marketing executive named Bhargav from the company offered them an “early bird” rate of ₹2,800 per sq ft and promised a buy-back option. The buyers were assured that land acquisition and HMDA and RERA approvals would be completed within six months.
Trusting these assurances, the duo paid ₹35 lakh on December 17, 2021, and signed a Memorandum of Understanding (MoU) with the firm. However, months passed with no progress on the ground. When investors questioned the delay, the developer held a symbolic bhoomi puja on June 4, 2023, to pacify them — but construction never began, and approvals were still pending two years later.
In May 2025, during a meeting with investors, the developer allegedly demanded additional payment for increased square footage and GST, sparking further outrage. On August 23, the firm’s managing partner, P. Sudhakar, suddenly announced the cancellation of the Tellapur project, asking customers to transfer their investments to other ventures upon paying extra. This move led several buyers to demand refunds.
Mahesh’s complaint lists eight other victims, who together paid a total of ₹4.41 crore through cash, cheques, and online transfers to the accused.
Acting on the complaint, the EOW registered a case against the construction company and its partners P. Sudhakar and P. Suguna under:
- Sections 316(2) (criminal breach of trust) and 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita, and
- Section 5 of the Telangana Protection of Depositors in Financial Establishments Act.
Police said the investigation is underway to trace the flow of funds and verify whether the accused diverted investors’ money to other real estate projects.
