HYDERABAD: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has provisionally attached movable and immovable assets worth Rs 17.97 crore linked to M/s Bharati Builders, its partners and associates under the Prevention of Money Laundering Act, 2002, in a homebuyers’ fraud case.
The probe stems from FIR No. 10/2024 dated May 4, 2024, registered by the EOW Police Station, Cyberabad, against Mulpury Sivarama Krishna, Dupati Naga Raju, Doddakula Narsimha Rao @ Ponnari and others under IPC Sections 406 and 420 and Section 5 of the Telangana Protection of Depositors Act, 1999.
The ED said Mulpury Sivarama Krishna, managing partner, along with Dupati Nagarju, floated a pre-launch scheme and induced over 450 buyers to invest in the “Bharati Lake View Towers” project. MoUs were executed despite a lack of statutory approvals and with land already pledged as collateral.
Liabilities were concealed while funds were collected, generating proceeds of crime of about Rs 75 crore, including Rs 17 crore in cash. Funds were diverted to repay liabilities, service interest, buy properties, and pay commissions for cash conversion.
Project land parcels were later sold to unrelated parties without informing buyers, even as advances continued to be collected.