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Cyberabad police have registered a case against Saket Engineers over allegations of mortgage fraud involving villas and flats in Hyderabad’s Kompally area. The complaint states that occupied and already allotted properties were shown as unsold inventory and allegedly mortgaged to secure a loan of around INR 30 crore. The issue surfaced after an online encumbrance certificate check revealed discrepancies in ownership records. Authorities further suspect that multiple villas and over 20 flats may have been similarly included in loan documents, and the matter is now under detailed investigation.
Cyberabad’s Economic Offences Wing has filed a case against Saket Engineers in connection with alleged villa mortgage fraud involving residential properties developed in the Kompally area of Hyderabad. Advertisement
As per the complaint, the developer is accused of mortgaging villas and flats that were already allotted and in some cases occupied, by showing them as unsold inventory to obtain a bank loan of nearly INR 30 crore. The allegations specifically highlight that Villa No. 94, which was part of a 2009 development agreement between the complainant’s family and the developer, was wrongly included in mortgage documents.
The complainant’s family had received allotment of multiple villas in 2019, and construction was completed in 2021. Later, in January 2025, the property was transferred within the family through a gift settlement. Despite this, the villa was reportedly shown as part of a mortgage transaction, even though it had already been separately mortgaged by the owner with a bank, raising concerns over duplication of collateral.
The matter came to light in early May 2026 when the complainant checked the online encumbrance certificate and found that the same villa had been shown as mortgaged by Saket Engineers to another financial entity. The loan-linked mortgage documents were reportedly executed in October 2025.
Following the complaint, a parallel case was also registered by Medchal police in a similar matter involving another property owner, indicating that the issue may not be isolated to a single transaction. Preliminary findings suggest that at least five additional villas and more than 20 flats could have been included in similar mortgage arrangements, which are now under investigation.
In its response, a director of Saket Engineers stated that the company had taken a loan in March 2022 for its Saket Bhu Sattva Phase-II project and had been repaying it regularly since October 2023. It was further clarified that during a loan extension process in October 2025, three villas from Phase I were mistakenly included in mortgage documentation, though no funds were disbursed against those specific units. The company also stated that the loan was fully closed by March 2026, and mortgage documents were released in May 2026.
Authorities are currently examining property records, encumbrance certificates, and financial documents to verify the alleged inconsistencies in ownership and mortgage filings.
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