Cyberabad. The Economic Offences Wing of Cyberabad police has registered a cheating case against directors and partners of two private real estate firms for allegedly defrauding more than 40 investors of over ₹39 crore in a proposed villa project at Pocharam in Patancheru mandal near Hyderabad. The probe has raised allegations of fake approval claims, duplicate villa allocations and misuse of funds collected from buyers.
Investors Lured Through Pre-Launch Villa Offer
According to a complaint filed by IT employee O Venkata Koteswara Rao, a resident of Miyapur, he and other investors were approached through tele-calling in January 2023 by RSR Greenway Infra. The firm allegedly offered luxury villas under the “Rocketry” project, spread across 13 acres and 22 guntas, while claiming that HMDA and RERA approvals were under process.
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The complainant alleged that he and his wife opted for a 100 percent upfront payment plan at ₹3,900 per square foot and paid ₹3.57 crore for four villas. They were allegedly assured that development agreements and sale deeds had been executed between RSR Greenway Infra and Suryodaya company partners.
Duplicate Allotments and Missing Approvals Under Scanner
Despite receiving full payment, the accused allegedly failed to begin construction or obtain statutory permissions. Investigators said at least 42 investors were affected, with individual investments ranging from ₹14 lakh to ₹1.45 crore.
The total suspected fraud amount has been pegged at ₹39.57 crore. Officials said R Srikanth Reddy, his wife Rajeswari, and Suryodaya partners Swamy Reddy and Reddy Sharadha are among those named in the case.
The EOW also found allegations that multiple memorandums of understanding were executed for identical villa numbers, indicating possible duplicate allotment and fraudulent allocation of units.
Financial Trail and Property Records Being Examined
Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors in Financial Establishments Act. Investigators are now examining bank transactions, digital communications and property documents linked to the accused firms.
Authorities are coordinating with financial institutions to trace the flow of funds, layered transfers and possible beneficiary accounts. Officials indicated that more complaints may emerge as other investors learn about the case.
Police have advised citizens to verify approvals, developer credentials and land titles before investing in high-value real estate projects. They also urged buyers to insist on legally registered agreements and avoid full upfront payments in speculative developments.
