Hyderabad: The Central Crime Station police have booked two directors of a construction firm for duping a businessman of Rs 87 lakh in an investment fraud.
The incident dates back to August 2021, when the accused asked the businessman to invest in a pre-launch scheme in Sangareddy.
According to the police, in his complaint, the businessman, Krishna Sumath, a resident of Banjara Hills, stated that D Nagaraju and M Siva Rama Krishna, directors of Bharathi Builders, had persuaded him and his brother Krishnakanth to invest the money in a pre-launch scheme.
The directors claimed to have acquired 6.39 acres spread across several survey numbers in Bhanoor and promised that the investors would receive double the principal within 36 months, with two fully-furnished flats pledged as security.
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TG RERA fines Bharathi Builders Rs 4.74 crore for illegal pre-launch offerOn August 4, 2021, Sumanth paid Rs 64 lakhafter which the accused, through an MoU, allotted two 1,300 sq ft flats in the proposed project.
After some time, the builders sought an additional 23 lakh, citing an increase in flat size to 1,715 sq ft, which the brothers paid.
He said the promised maturity date of August 3, 2024 elapsed without repayment or progress in construction at the site, following which he verified land records and realised the property was sold to another party.
“Land is no longer registered in the name of Bharathi Builders and it was sold to others. Whenever we tried to contact the accused directors, Nagaraju and Siva Rama Krishna, they threatened us by engaging anti-social elements. We request you to take necessary legal action against them,” Sumath alleged.
Based on the complaint, CCS registered a case against Nagaraju and Siva Rama Krishna under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act.
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