Tag Archives: Real estate fraud

Newsbeat

Hyderabad Builder Fined Rs 19.80 Lakh by TSRERA

Hyderabad: Builder Fined Rs 19.80 Lakh by TSRERA for Collecting Money Before Registration

The Telangana State Real Estate Regulatory Authority (TSRERA) has fined TMR Infra Tech Rs 19.80 lakh for taking advance payments from buyers before registering their project, TMR Marvel Villas, with the authority.

Buyers of the villas in Macha Bollaram, near Alwal, complained that the builder failed to provide basic amenities and delayed the project. TSRERA ordered the builder to complete the pending work, including installing street lights, building a compound wall, and setting up a sewage treatment plant. The builder must also ensure proper water supply and drainage.

The authority has directed the company to finish all work before the project’s RERA registration expires in March 2025. The builder promised to complete the work by March 25, and TSRERA warned that failing to do so would lead to further action.

The fine was imposed because the builder collected payments from buyers between February and March 2018, while the necessary RERA registration was obtained only in October 2019. This was a violation of Section 3 of the Real Estate (Regulation and Development) Act.

The order was issued by TSRERA chairperson Dr. N. Satyanarayana and members K. Srinivasa Rao and Laxmi Narayana Jannu.

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Newsbeat

Hyderabad Builder Held in ₹15Cr Real Estate Fraud

Hyderabad Builder Arrested for Alleged Real Estate Investment Fraud

Hyderabad, Telangana – The Cyberabad Economic Offences Wing (EOW) arrested Obili Papannagari Rama Chandra Reddy, owner of Obili Housing, for allegedly defrauding investors in a pre-launch plot scheme.

Reddy, along with V.B Gupta of Prathista Properties and other associates, is accused of deceiving investors into depositing money in their venture called “Highway Paradise” located at Venkatapuram village in Sangareddy.

Authorities allege the group convinced victims to invest in the project with the promise of developed plots in a 200-acre Sadasivpet property and offered monthly interest payments alongside the return of their principal investment.

“Over a three-year period, they persuaded innocent people to invest substantial sums into their venture with the promise of high returns,” said a senior EOW official. “These deposits were made based on false promises of land development.”

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EOW officials believe there are approximately 50 victims, with total losses estimated between Rs 10 crore and Rs 15 crore. The investigation was initiated based on a complaint filed by an investor, leading to Reddy’s arrest.

Further details regarding the whereabouts of Gupta and other involved parties, as well as the status of the invested funds, are likely to be revealed as the investigation progresses.

Source.

Newsbeat

Hyderabad: Bhuvanteza Infra Fraud

Hyderabad: Bhuvanteza Infra Employees Arrested for Alleged Real Estate Fraud

Two employees of Bhuvanteza Infra Projects Pvt Ltd, J. P. Bhushanaa Rao and J. Raj Kumar, were arrested by the Central Crime Station police in Hyderabad for allegedly cheating around 300 customers.

The scam involved pre-launch offers for flats in a gated community at Shamirpet. The company collected substantial deposits from the customers totaling Rs 80 crore. However, they neither completed the project nor returned the money to the depositors.

Source.

Newsbeat

Hyderabad Man Detained in Flat Fraud

Hyderabad man arrested for allegedly cheating hundreds on promise of flats

C Venkata Subrahmanyam, director of M S Bhuvanteza Infra Projects Private Limited, was arrested by Hyderabad police on Monday for allegedly cheating nearly 400 people by promising to sell them flats in his projects. He is accused of collecting a total of Rs. 2.29 crores from them.

According to the police, Subrahmanyam collected the money on the pretext of selling flats in his projects, but failed to deliver on his promises. The Economic Offences Wing Team – IV of Hyderabad Detective Department registered a case against him based on a complaint and arrested him.

This is a serious case of fraud, and it is important to be aware of the risks involved when investing in real estate. It is always advisable to do your due diligence before handing over any money, and to make sure that you are dealing with a reputable developer.

If you have any concerns about a potential real estate investment, you can contact the Economic Offences Wing of the Hyderabad Police Department for more information.

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