HYDERABAD: The Miyapur police have registered a case against the MD of Mythri Ventures for allegedly defrauding 300 customers by promising affordable apartments. According to police, Basha Shaik set up offices in Sangareddy, Patancheru, and Miyapur three years ago and convinced customers to invest in ventures like Royal Leaf, Royal Paradise, and Royal Mint.
However, the dream apartments depicted in brochures did not exist in reality. Basha allegedly collected approximately Rs 50 crore from the victims and failed to fulfil his commitment. Basha kept delaying the delivery of the apartments until customers became frustrated and lodged a complaint with the Sangareddy, Patancheru, and Miyapur police stations. Upon learning about the cases, Basha and his family fled the city, according to sources.
The Miyapur police registered a case in December 2022 and launched an investigation into the matter. The victims, who suffered significant financial losses, staged a protest at the Miyapur police station, demanding justice.
However, the police assured them that they had gathered sufficient evidence and were close to apprehending the accused. A senior official confirmed that they had collected necessary clues pertaining to the case and also had information about the accused’s current whereabouts.