HYDERABAD: After state police registered an FIR against two real estate developers for allegedly defrauding property buyers of Rs 50 crore by creating multiple unauthorised layouts on the same land, Cyberabad police economic offences wing arrested one of the accused realtors on charges of forgery, cheating and conspiracy.
The accused, Kancharla Sathish Chandra Gupta, proprietor of Sai Surya Developers, was taken into custody following a complaint from a person, who paid a significant sum for a plot in a fabricated layout at Vattinagulapally village in Rangareddy district.
Police said, Gupta, a resident of Raidurgam, collaborated with another accused Narender Surana, managing director of Bhagyanagar Properties Limited, and created unauthorised layouts ‘Sai Tulasi Enclave-IV’ and ‘Shanmukha Nivas’ and sold plots without legal registration.
The complainant, Pothuganti Gopal Reddy of Nacharam, said that he paid Rs 1.45 crore advance amount on a plot valued at Rs 3.25 crore, but the developers had never registered the plot, effectively defrauding him.
Guards restricted access to property.
Gopal Reddy said that he facilitated purchase of a plot in Sai Tulasi Enclave in 2019 for his son and again in Jan 2023, only to discover that the plot was resold under a new layout name. The complainant said that significant sums, including Rs 1.45 crore, were transferred to Gupta as part of the purchase with agreements for sales left unregistered.
Gopal Reddy also alleged that the accused avoided buyers by changing office locations and that Gupta hired security guards to restrict access to the disputed property.
Police said this was not Gupta’s first offence. He was previously been involved in 11 similar cases, adopting the same fraudulent scheme and collecting crores of rupees from unsuspecting buyers, police said.
Surana initially gave Gupta power of attorney over the land, which Gupta used to create four separate layouts to repeatedly sell plots on the same land under different names. Buyers were allegedly led to believe these layouts were authorised though they were developed without the necessary approvals.
