HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has registered a case against Tripura Constructions and its managing partner Pasupuleti Sudhakar and partner Pasupuleti Suguna for allegedly cheating investors through false ‘pre-launch’ offers.
According to the complaint filed by BHEL employee Kotha Mahesh, nine persons, including him, lost Rs 4.41 crore after investing in the firm’s Tellapur project. Mahesh said he found the company online in 2021 and was contacted by a representative named Bhargav, who promised HMDA and RERA approvals within six months.
Mahesh paid Rs 35 lakh for a 2BHK flat under a pre-launch scheme in December 2021, with an MoU assuring buyback in 18 months. However, even after a year and a half, no approvals were secured and no work began.
After repeated complaints, the company held a meeting in June 2023, claimed that approvals were pending, and performed a bhoomi pooja. Later, it demanded additional charges and, in August, declared the ‘Tripura Nirvana’ project cancelled, asking buyers to shift to other projects by paying more.
Investors alleged that refund requests were ignored and that they were misled through false advertisements and social media claims of world-class amenities and early completion.
Police registered a case under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita and 5 of the Telangana Protection of Depositors of Financial Establishments Act. Investigation is underway.