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• Cyberabad EOW registered a case against directors and partners of two firms over an alleged villa project fraud in Pocharam near Hyderabad.
• More than 40 investors reportedly lost around INR 39.57 crore in the proposed “Rocketry” villa project spread across 13 acres and 22 guntas.
• Buyers alleged that the developers collected large upfront payments by assuring them that HMDA and RERA approvals would be secured soon.
• Police found allegations that the same villa units were allotted to multiple buyers through separate agreements.
• Officials are now examining financial transactions, project documents and property agreements linked to the case.
The Cyberabad Economic Offences Wing (EOW) has registered a cheating case against the directors and partners of two private firms after more than 40 investors alleged that they were cheated in a villa project near Hyderabad. The complaint relates to a proposed gated villa development named “Rocketry” at Pocharam in Patancheru mandal. Advertisement
According to the complaint filed by O Venkata Koteswara Rao, an IT employee from Miyapur, representatives of RSR Greenway Infra had approached buyers through tele-calling campaigns during 2023 and promoted the project as a premium villa development. Investors were allegedly informed that approvals from the Hyderabad Metropolitan Development Authority (HMDA) and the Real Estate Regulatory Authority (RERA) were under process and would be received shortly.
The complaint named RSR Greenway Infra director R Srikanth Reddy, co-director Rajeswari and Suryodaya company partners Swamy Reddy and Reddy Sharadha. The complainant alleged that the firms claimed to have entered into development and sale agreements for the project and assured buyers that villas would be delivered after statutory approvals were secured.
Believing the assurances given by the developers, Rao and his wife reportedly opted for a 100% upfront payment plan priced at INR 3,900 per sq ft. They allegedly paid around INR 3.57 crore for four villas in the project. Between 2023 and 2024, the couple received memorandums of understanding, sale deeds and development agreements related to the villas.
However, the complainant later alleged that despite collecting payments from investors, the developers did not begin construction activity at the site. During the investigation, officials also found allegations that identical villa numbers were allotted to multiple buyers under separate agreements.
Police said at least 42 investors had invested amounts ranging between INR 14 lakh and INR 1.45 crore each in the project. The total alleged fraud amount is estimated at around INR 39.57 crore.
The accused have been booked under relevant provisions of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors in Financial Establishments Act. Officials are now examining bank transactions, digital records, property-related documents and fund transfers connected to the firms.
The case has again raised concerns around pre-launch real estate projects where buyers invest before mandatory approvals are received. Hyderabad has witnessed multiple complaints in recent years related to stalled housing projects, delayed approvals and disputes linked to advance collections from homebuyers.
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