Hyderabad: Three real estate agents were arrested by Cyberabad police for collecting nearly Rs 50 crore to Rs 60 crore from investors under the guise of ‘pre-launch offers,’ falsely promising to build residential apartments in the Kompally area. Those arrested include the Chairman of Bharathi Builders, Dupati Nagaraju, the Managing Director, Mulpury Shivarama Krishna, and the CEO, Thoddakula Narasimha Rao, according to an official press release on Saturday. They are charged under sections 406 and 420 of the IPC and section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.
Police stated that Nagaraju and Krishna founded Bharathi Builders in 2021, acquired 6.23 acres of land in Kompally, and planned to construct residential apartments named “Bharathi Lake View.” They attracted substantial deposits from potential buyers through a ‘pre-launch offer’ priced at Rs 3,200 per square foot, using colorful brochures and holding meetings at the Kompally site and their Madhapur office. They enlisted Thoddakula Narasimha Rao as the CEO to attract more buyers, offering him a large commission on flat sales. However, instead of constructing the apartments, they sold the entire land to another party.
The Economic Offences Wing (EOW) of Cyberabad police launched an investigation after B.V.S Prasada Rao and approximately 350 others filed complaints. Inspector J. Venkateswarlu is leading the investigation under the supervision of DCP K. Prasad, the press release stated.
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