HYDERABAD: The proprietor of a construction company, who had allegedly cheated his business partner to the tune of Rs 25 crore, was arrested by Rajendranagar police on Saturday. The accused Pabanti Prabhakar and his associates allegedly attacked his partner Chintaguntla Kiran Kumar Reddy and stole original land documents from him.
Prabhakar was booked for forgery and cheating in the past at the KPHB and Abdullapurmet police stations.
According to the police, in 2017, Kiran Kumar Reddy, who owns a construction firm called Value Homes, had entered into an agreement with Kretish Developers, owned by the accused Prabhakar and his wife, for a two-acre land project in Nagole, with a builder-owner sharing ratio.
Further, Kiran Kumar Reddy invested around Rs 25 crore for the project, in the form of obtaining permissions and paying government charges, as per the agreement.
After all the permissions were obtained and the project was about to take off, Prabhakar, with the intent to cheat the victim, forged documents for the same property. Using these forged documents, he availed loans from various banks.
When Kiran Kumar Reddy realised he was being cheated, he told him that he was withdrawing from the project. Prabhakar then began threatening him. Recently, when Kiran Kumar Reddy was on his way home, Prabhakar and his men intercepted his car and attacked him.
They stole his cash and belongings. Original documents of the property was also stolen from the vehicle. Rajendranagar police registered a case against Prabhakar, his wife Saritha and their associates.