HYDERABAD: The Cyberabad economic offences wing (EOW) police on Saturday arrested the top brass of Bharati Builders for cheating more than 350 people of Rs 60 crore via pre-launch offers at a venture called Bharathi Lake View in Kompally.
The arrested officials included Bharthi Builders chairman Dupati Nagaraju, CEO Thoddakula Narsimha Rao and managing director Mulpury Shivarama Krishna. Police said Nagaraju and Krishna started Bharathi Builders in 2021, with their office at Madhapur. They acquired 6.23 gunthas (around 750 square yards) in Kompally where they planned to construct the apartments.
The accused charged Rs 3,200 per square foot for 2BHK and 3BHK flats and appointed Narsimha Rao as CEO and offered commissions to bring in more buyers. A total of 350 people paid up to Rs 60 crore, police said. The accused never constructed the apartment, and after taking the deposit money, sold the land to another party.
