HYDERABAD: The Cyberabad Economic Offences Wing (EOW) registered a cheating case against a Jubilee Hills–based construction company for allegedly duping nine flat buyers of ₹4.41 crore through a stalled construction project in Tellapur.
According to police, a city–based Public Sector Undertaking (PSU) employee, K Mahesh, 34, and his friend T Chandra Kiran Kumar were looking for a home in 2021 when a marketing executive, Bhargav, offered an early bird rate of ₹2,800 per square feet with an assured buy-back option. Believing promises that land would be purchased and HMDA and RERA clearances obtained within six months, the duo paid ₹35 lakh on Dec 17, 2021 and signed a MoU.
As the construction firm did not show any progress on the ground, some of the investors approached them and raised an objection. To appease the investors, a symbolic bhoomi-puja was held on June 4, 2023 at the proposed site in Tellapur, but even two years later, no approvals had been secured and construction never started, the complainant alleged.
During a meeting held in May 2025, the developer demanded additional square-foot and GST charges. The complainant stated that some buyers paid, but others, including him, refused. “On Aug 23, managing partner of the company, P Sudhakar, abruptly announced that the venture was cancelled and asked customers to shift to their other ventures on payment of extra amounts, triggering demands for refunds,” the complainant said.
Mahesh’s petition lists eight more aggrieved purchasers, who together paid ₹4.41 crore through cash, cheques and online transfers to the accused.
Acting on the complaint, EOW police booked a case under Sections 316(2) (Punishment for 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 against the real estate company, P Sudhakar and his associate, P Suguna.
