Hyderabad: The Economic Offences Wing (EOW) of Cyberabad police registered a cheating case against the directors and partners of two private firms for allegedly duping over 40 investors of more than Rs 39 crore in a proposed villa project at Pocharam in Patancheru mandal.Complainant O Venkata Koteswara Rao, a 49-year-old IT employee from Miyapur, alleged that R Srikanth Reddy, director of RSR Greenway Infra, his wife and co-director Rajeswari, and Suryodaya company partners Swamy Reddy and Reddy Sharadha cheated him and 41 other investors.According to the complaint, Rao was contacted in Jan 2023 by a tele-caller from RSR Greenway Infra regarding the company’s proposed ‘Rocketry’ villa project spread across 13 acres and 22 guntas at Pocharam. The caller claimed that HMDA and RERA approvals were in process.Rao and his wife later met Srikanth Reddy at the company’s office in Kondapur to discuss the proposed project. “Reddy stated that his company entered into a development agreement-cum-general power of attorney and agreement of sale cum-GPA (with possession) with Suryodaya company, represented by its partners Swamy Reddy and Reddy Sharadha, for project development,” Rao told police.Trusting the assurances, the couple opted for a 100% upfront payment scheme at Rs 3,900 per square foot and paid Rs 3.57 crore for four villas. Between April 2023 and March 2024, they received memoranda of understanding, three sale deeds and development agreements-cum-general powers of attorney.However, Rao alleged that despite receiving the entire payment, the accused neither began construction nor secured the required statutory permissions. “The project did not commence till date and such acts clearly establish that the accused had no genuine intention to develop the project and thereby cheated us,” the complainant alleged.According to EOW officials, at least 42 other buyers reportedly invested amounts ranging from Rs 14 lakh to Rs 1.45 crore each, taking the suspected fraud amount to Rs 39.57 crore.Based on the complaint, Cyberabad EOW registered a case on April 27 against the four accused and their companies under relevant sections of the BNS and the Telangana Protection of Depositors in Financial Establishments Act.“The complainant also alleged that accused have executed MOUs in favour of multiple customers with the same villa numbers. We are collecting evidence and appropriate legal action will be initiated based on the preliminary probe,” said an EOW official.
