HYDERABAD: Promising to deliver a luxury apartment at the rate of Rs 3,200/sq ft, a three-member gang duped as many as 350 persons to deposit about Rs 60 crore as part of the “pre-launch offer” of a residential apartment at Kompally. However, after collecting the deposits, they sold the land to another party without constructing any building.
The Cyberabad’s Economic Offences Wing arrested the three persons, who together run the Bharathi Builders at Madhapur. Police identified the accused as Dupati Nagaraju, Mulpury Shivarama Krishna and Thoddakula Narsimha Rao.
According to the police, Nagaraju and Shivarama Krishna started the construction firm in 2021 and acquired 6.23 acres of land in Kompally. They then hatched a plan to collect huge deposits from prospective purchases as the pre-launch offer of ‘Bharathi Lake View’ apartments.
The duo then appointed Narsimha Rao as the CEO of the firm so that he could bring in more purchasers. After taking huge deposits from the victims, the trio sold the land to another party for Rs 100 crores and cheated 350 persons who had invested in the pre-launch of a building which was not constructed.