Hyderabad, May 18 (Hydnow): The Economic Offence Wing police of Cyberabad arrested three accused persons, who are involved in a cheating case in the name of a pre-launch offer of Residential Apartments of “Bharathi Lake View” at Kompally, Medchal-Malkajgiri District, and a case registered under the Telangana Protection of Depositors of Financial Establishments Act- 1999 of PS EOW, Cyberabad.
Arrested accused: Dupati Nagaraju, Chairman of M/s Bharathi Builders, a Partnership firm at Madhapur, Hyderabad. 2). Mulpury Shivarama Krishna, Managing Director of M/s Bharathi Builders, a Partnership firm at Madhapur. and 3) Thoddakula Narsimha Rao @ Ponnari, CEO of M/s Bharathi Builders, a Partnership firm at Madhapur, Hyderabad.
The accused Dupati Nagaraju, Mulpury Shivarama Krisha started a construction firm in the year 2021 in the name of M/s “Bharathi Builders” office at Madhapur, Hyderabad. The accused persons acquired Ac.6.23 gts land in Kompally and planned to construct Residential apartments in the name of “Bharathi Lake View” apartments. Later, the accused persons hatched a plan to collect huge deposits from the prospective purchasers in the name of PRE- LAUNCH OFFER” with an attractive price of the flats @ Rs, 3,200 per square foot and published colorful brochures and conducted meetings at venture Kompally and the Madhapur office to attract the deposits from various purchasers.
For this purpose, Dupati Nagaraju, Chairman; Mulpury Shivarama Krishna Managing Director appointed Thoddakula Narsimha Rao @ Ponnari as CEO for Bharathi Builders to bring more number of purchasers, for which they offered huge commission on the sale of Flats.
The complainant B.V.S Prasada Rao and about 350 others were attracted to the inductive promises of the accused persons and deposited huge money to the tune of about Rs.50-60 Crores under the Pre-launch offer scheme.
The accused persons, after collecting such deposits, did not construct any building and failed to deliver the flats to the purchasers as promised and sold the entire land of Ac 6.23 gts worth about Rs 100 crores to another party and thereby the accused persons cheated the complainant and others.
The case is being investigated by J.Venkateswarlu, Inspector of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad. (Hydnow)
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