Hyderabad: The Cyberabad Economic Offences Wing (EOW) has registered a case against the directors of Praneeth Concept Private Limited over allegations of a multi-crore real estate fraud. Around 55 homebuyers have accused the company of collecting nearly ₹24.88 crore through a pre-launch apartment scheme without delivering the promised flats.
According to the police, the complainants alleged that the company lured buyers with attractive pre-launch offers for an apartment project at Puppalaguda and promised possession within a specified timeline.
Cyberabad EOW Probes ₹24.88 Crore Real Estate Fraud
According to the complaint, Harshavardhan Reddy, a resident of Champapet, approached the company in 2023 after learning about its residential project in Puppalaguda. The firm’s directors, identified as Praneeth and Suresh, allegedly assured him that a flat would be handed over by June 2024 under the pre-launch scheme.
Believing the promise, the complainant reportedly paid ₹77 lakh towards the purchase of the flat.
Police said the company allegedly collected ₹24.88 crore from nearly 55 buyers under similar assurances.
The homebuyers later discovered that the same apartment had allegedly been sold or registered to multiple purchasers, raising allegations of cheating and financial fraud.
Based on the complaints, the Cyberabad Economic Offences Wing registered a case against the company’s directors and launched an investigation. Officials are examining the financial transactions and documents related to the project to determine the extent of the alleged fraud.
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