Hyderabad: Central Crime Station (CCS) sleuths have registered a case against directors of Bharathi Builders for allegedly duping a city-based businessman and his brother of 87 lakh under the guise of a pre-launch investment scheme in a proposed gated community at Bhanoor in Sangareddy district.The complainant, K Krishna Sumanth, 46, a resident of Banjara Hills, said directors D Nagaraju and M Siva Rama Krishna persuaded him and his brother, Krishna Kanth, to invest in Bharathi Builder’s proposed project in Aug 2021. “The duo claimed to have acquired 6.39 acres spread across several survey numbers in Bhanoor and promised that the investors would receive double the principal within 36 months, with two fully-furnished flats pledged as security,” the complainant told police.Sumanth said 64 lakh was paid on Aug 4, 2021, after which the accused, through an MoU, allotted two 1,300 sq ft flats in the proposed project. A few months later, the builders sought an additional 23 lakh, citing an increase in flat size to 1,715 sq ft, which the brothers paid.He said the promised maturity date of Aug 3, 2024 elapsed without repayment or progress in construction at the site, following which he verified land records and realised the property was sold to another party. “Land is no more in the name of Bharathi Builders and it was sold to others. Whenever we tried to contact the accused directors, Nagaraju and Siva Rama Krishna, they threatened us by engaging anti-social elements. We request you to take necessary legal action against them,” the complainant alleged.Based on the complaint, CCS registered a case against Nagaraju and Siva Rama Krishna under Sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act in the second week of March.
