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Hyderabad's Krithika Infra Developers Accused of Rs 70 Crore Fraud
Hyderabad's Krithika Infra Developers Accused of Rs. 70 Crore Fraud
Hyderabad's Krithika Infra Developers faces fraud allegations of Rs 70 crore, with victims demanding refunds and construction of promised flats.
A major real estate scam has come to light in Hyderabad, with Krithika Infra Developers accused of defrauding investors of over Rs 70 crore. The victims, numbering around 170, have staged protests after claiming they were duped in a pre-launch apartment scheme.
The fraud centers around a promise made by Krithika Infra Developers to construct flats in a project located in Boduppal, a suburb of Hyderabad. The company's CEO, Srikanth, allegedly collected substantial amounts from individuals ranging between Rs 40 lakh and Rs 60 lakh each, assuring them of plots in the upcoming development. However, after four years, the victims have not received their promised apartments.
The controversy erupted when a group of investors gathered at the Uppal Sub-Registrar Office, protesting the alleged mismanagement of the project. They claim that the flats, which were supposedly registered to them, are now being re-registered to other buyers. The investors allege that the company has failed to deliver on its commitments and is engaged in fraudulent activities involving land registration.
The issue dates back to 2020, when Krithika Infra Developers' CEO, Srikanth, reportedly purchased a two-and-a-half-acre plot of land in Hemanagar, Boduppal, with the intention of developing an apartment complex. Investors were asked to contribute a total of Rs 54 crore towards the project. However, according to the victims, only two acres of land were actually registered under the company's name, with 140 individuals receiving registration, leaving 40 investors without any documentation. Despite making payments for several years, these individuals have not seen any construction progress, leading them to believe they have been swindled.
In response to the lack of progress and the company's failure to fulfill its promises, the victims have turned to local authorities. However, their attempts to file complaints with the police have been met with the response that the matter is a civil issue. As a result, they have called on the state government to intervene, demanding either a refund of their investments or the completion of the promised apartment project.
