Hyderabad Real Estate Fraud Case Filed in Nizampet
- Hyderabad real estate fraud involves double registration scam
- Cyberabad EOW probes multi crore fraud in Nizampet flats
Hyderabad, March 24: A major Hyderabad real estate fraud has come to light in the Nizampet area, with police registering cases against several accused, including sub-registrars. The Cyberabad Economic Offences Wing has begun a detailed investigation into the multi-crore scam involving the sale of flats.
According to the police, the Hyderabad real estate fraud centers on a gang that carried out double registration of flats. The accused allegedly sold the same flats to more than one buyer. As a result, several innocent buyers were cheated. Officials said the scam involved valuable land spread over three acres in Nizampet.
Meanwhile, based on complaints from victims, the Cyberabad EOW registered cases against Nidamarthi Sivaprasad, Naveen Kumar Goyal, Narendra Kumar Modi, and Shashikant Modi. In addition, cases were also filed against sub-registrars of Qutbullapur. They are accused of aiding and abetting illegal registrations linked to the fraud.
Investigators said the accused followed a well-planned method. The flats had already been sold earlier. However, the accused allegedly hid this fact. They then approached Moturi Srinivas Prasad and Suryakamal Prasad. Subsequently, they collected Rs.15.26 crore from these victims and re-registered the same flats.
Later, the victims discovered that the properties had already been sold to others. Therefore, they approached the Cyberabad police and filed complaints. The police took the matter seriously and launched a thorough probe into the Hyderabad real estate fraud.
Furthermore, officials are examining old records at the Sub-Registrar’s office. They are also reviewing the bank accounts of the accused to trace the money trail. The investigation is ongoing, and authorities are working to uncover all aspects of the case.
The Hyderabad real estate fraud has raised concerns about illegal registrations and the role of officials. Authorities continue to focus on identifying all those involved and ensuring accountability.
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