Hyderabad: A case registered against Suvarnabhoomi Infra Developers Pvt. Ltd. for allegedly duping investors of 1.55 crore was transferred to the Central Crime Station (CCS), Hyderabad, for further investigation. The case, originally registered at the Banjara Hills police station, pertains to allegations of fraud and criminal breach of trust under Sections 420, 406, and 34 of the Indian Penal Code.
The complaint was lodged on Dec 14, 2024, by Venu Gopal Chede, a private employee residing in Kukatpally. Chede, along with four others, invested substantial sums in the company’s real estate projects between 2021 and 2023. The accused include the company’s managing director Sridhar Bollineni, director Deepthi Bollineni, and several other individuals associated with the organisation.
The investors were persuaded to fund a venture at Mominpet, Sangareddy district, with assurances of returns and project completion. However, despite repeated follow-ups after the end of the agreed timelines, the company failed to fulfil its commitments, causing severe financial strain to the complainants.
The complainants allege that the company deliberately misrepresented its intentions and devised fraudulent schemes to misappropriate funds. The investments, facilitated through loans and personal savings, were never repaid, leaving the investors burdened with EMIs and debts. Despite multiple meetings with the management, no concrete resolution was offered.
Some ventures reportedly lack necessary approvals and face similar issues of stalled development. The complainants further suspect that the company was attempting to divert attention by promoting new ventures under different names and partnerships. They have urged authorities to investigate these activities and recover their investments with interest.
The case file was transferred to CCS Hyderabad on Monday (Jan 27, 2025), for a detailed probe. Upon receipt of the file, the CCS re-registered the case.
