Hyderabad: The real estate sector in Hyderabad witnessed yet another scandal with Bharathi Lake View’s fraudulent ventures now coming to light.
On May 17, 2024, the Economic Offences Wing (EOW) Police of Cyberabad said, three individuals were arrested in connection with a fraud involving pre-launch offers for residential apartments at “Bharathi Lake View” in Kompally, Medchal-Malkajgiri district.
The accused, charged with cheating and violations under the Telangana Protection of Depositors of Financial Establishments Act-1999, are Dupati Nagaraju, chairman of Bharathi Builders, Mulpury Shivarama Krishna, MD of Bharathi Builders, Thoddakula Narsimha Rao, also known as Ponnari, CEO of Bharathi Builders.
In 2021, Dupati Nagaraju and Mulpury Shivarama Krishna established Bharathi Builders in Madhapur, Hyderabad. They acquired 6.23 acres of land in Kompally, intending to construct residential apartments named “Bharathi Lake View.”
The accused launched a pre-launch offer, promoting flats at Rs 3,200 per square foot, distributing colourful brochures and holding promotional meetings at the site and their Madhapur office. Thoddakula Narsimha Rao was appointed CEO to boost sales, earning a substantial commission on flat sales.
Lured by the promises, a complainant among nearly 350 others invested a total of up to Rs 50 crore in the pre-launch offer.
However, the accused failed to construct the promised apartments and sold the entire 6.23 acres of land, valued at around Rs 100 crores, to another party, defrauding the investors.
The Cyberabad EOW Police has urged the public to avoid investing in pre-launch offers and to report any suspicious investment schemes or real estate activities to the authorities.
