The Enforcement Directorate (ED), Hyderabad Zonal Office, has provisionally attached movable and immovable properties valued at Rs 17.97 crore linked to Bharati Builders and others. The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002. This action stems from a case registered by the EOW Police Station, Cyberabad, in 2024 against individuals including Mulpury Sivarama Krishna and Dupati Naga Raju for cheating homebuyers.
PMLA investigations uncovered that Mulpury Sivarama Krishna, along with Dupati Nagarju, deceived over 450 homebuyers through a pre-launch scheme for the project “Bharati Lake View Towers.” The duo fraudulently obtained substantial sums from investors/homebuyers by falsely promising flat sales. They concealed crucial information such as the lack of statutory permissions for project development and the land being pledged as collateral for loans.
The accused amassed around Rs 75 crore in Proceeds of Crime by duping investors and collecting Rs 17 crore in cash from homebuyers. Instead of fulfilling project commitments, the funds were diverted for various unauthorized purposes. The ED highlighted that Bharati Builders sold project land to unrelated parties, concealed land transactions from homebuyers, and continued to accept advances despite selling project land.
ED’s investigation into the matter is ongoing.
