Hyderabad: The Cyberabad economic offences wing (EOW) has registered a criminal case against a real estate firm and its directors over allegations of collecting crores of rupees from homebuyers while failing to deliver flats and secure mandatory approvals for a residential project in Puppalaguda.The case was registered against Pranith Koncepts Private Limited and its directors following a complaint by A Harshavardhan Reddy, a private firm employee from Champapet.According to the complaint, Harshavardhan learnt about the Pranith Ambience project in Sept 2023 and visited the site at Puppalaguda, where the company was developing a residential complex comprising seven blocks.“I visited the site in the same month and met the company directors. They explained flats were being built in seven blocks (A to G), and blocks A and C were almost completed. Block D was constructed up to three floors. The excavation works were in progress for blocks B, E, F and G. The directors also represented that the company had already applied for HMDA and RERA approvals and assured that permissions would be obtained within one month,” he said in his complaint.“Believing their representations, I agreed to buy flat No. 301 in B block of 1,715 sft, along with undivided share of land, for Rs 80 lakh and paid Rs 77 lakh between Sept and Oct 2023 through cash and cheques. An agreement of sale was executed on Oct 25, 2023, promising possession by June 2024 with a six-month grace period,” the complainant said.However, the complainant alleged that despite collecting more than ₹24 crore from him and at least 55 other buyers, the developers neither obtained the required approvals nor completed the project within the promised timeline.“When I requested to execute a registered sale deed, the developers refused to register the flats in my name. They did the same with other victims. When I attempted to contact the directors of the company, they deliberately avoided communication. Please initiate appropriate legal action against the accused,” the complainant said.Based on the complaint, EOW officials registered a case on July 7 under sections 318(4) (cheating), 316(2) (criminal breach of trust) and 61(2) (criminal conspiracy) of the BS) against Pranith Koncepts and its directors.EOW officials said evidence is being collected, and further investigation is underway.
