Developer held for cheating 200 persons of Rs 48 crore

Hyderabad: The Economic Offences Wing Police of Cyberabad arrested the chairman and managing director of R Homes Infra Developers Pvt, involved in cheating and criminal breach of trust in pre-launch offers of flats, and collected money from 200 customers to the tune of Rs 48 crore.

The police arrested chairman Chakka Bhaskar and his wife Sudharani, who is the managing director of R Homes Infra Developers Pvt. According to the police, following the complaint from VadlamudiManoj Kumar, a resident of Kompally, the police registered a case U/s 406, 409, 420 IPC and investigated. The police said that both of them hatched a plan to collect the money from the customers in the guise of pre-launch offers. K Prasad, DCP, EOW, Cyberabad, said, “Without obtaining the necessary permissions from the competent authorities, they launched their projects using extensive publicity through media, social media channels, and celebrity endorsements.

They advertised attractive schemes, claiming to offer flats at prices lower than market rates, and promised to complete the projects within three years. Additionally, they assured

buyers that if the project was delayed, they would compensate by paying Rs 6,000 per month for a two BHK flat and Rs 8,000 per month for a three BHK flat as rent.” Likewise, the duo collected Rs 48 crore from around 200 victims. When the buyers insisted on the progress of work, they were found absconding.

The complainant, Manoj, invested a total of Rs 65.50 lakh in various projects promoted by the accused between 2020 and 2021. They promised lucrative returns and rapid development of multiple real estate projects in the three places: Bliss Heights Project in Medchal-Malkajgiri district, ORR Heights Project in SangaReddy district, and Farmland Projects near Narayankhed of Sangareddy district.

The Cyberabad EOW police advised the public to be aware of the pre-launch offers, and before purchasing any property, they may verify the legitimacy of the property with legal counsel. The department is committed to prosecuting the fraudsters and cheaters and ensuring justice to victims.