The Cyber Economic Offences Wing (EOW) arrested three men involved in a cheating case under the guise of pre-launch offer of a residential apartment at Kompally, on Friday.
Senior officials of Bharati Builders, including chairman Dupati Nagaraju, managing director Mulpury Shivarama Krishna, and chief executive officer Thoddakula Narsimha Rao alias Ponnari were arrested for conning about 350 investors to the tune of ₹50-60 crore after false promise of constructing residential apartments, Bharathi Lake View, in Kompally.
The issue came to light following a complaint from B.V.S Prasada Rao, who was one of the investors.
The three started a construction firm in the name of Bharathi Builders in 2021 and purchased a 6.23-acre land for construction of residential apartments in Kompally. They put out a pre-launch offer of ₹3,200 for square feet and offered significant commission on the sale of flats, police said.
A case for criminal breach of trust and cheating has been filed under the Sections 406 and 420 of the Indian Penal Code (IPC) and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999. Further investigations are underway.
