Hyderabad, July 17: The Cyberabad Economic Offences Wing(EOW) has registered a case against Praneeth Concept Private Limited following allegations that the company collected ₹24.88 crore from around 55 homebuyers through a pre launch apartment scheme without delivering the promised flats.
According to the complaint, Harshavardhan Reddy, a resident of Champapet, approached the company in 2023 after learning about its apartment project at Puppalaguda. The firm’s directors, Praneeth and Suresh, allegedly assured him that a flat would be handed over by June 2024 under a pre launch offer.
Based on this assurance, Harshavardhan Reddy paid ₹77 lakh for the apartment.
Police said the company allegedly collected ₹24.88 crore from nearly 55 buyers using similar promises. However, the flats were reportedly not handed over as committed.
The complainants also alleged that the same flat had been sold or registered to multiple buyers, raising concerns of fraudulent transactions.
Following the complaints, the Cyberabad EOW registered a case against the company’s directors, Praneeth and Suresh. Officials are investigating the allegations and examining the financial transactions related to the project.
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