Hyderabad Real Estate Scam: Investors Accuse Krithika Infra Developers of Rs 70 Crore Fraud
A massive real estate scam has surfaced in Hyderabad, involving Krithika Infra Developers. The company is accused of cheating over 170 investors out of more than Rs 70 crore through a pre-launch apartment scheme. Frustrated and angry, the victims have taken to protests, claiming they were deceived.
The scam revolves around a project in Boduppal, a suburb of Hyderabad. Krithika Infra Developers, led by its CEO Srikanth, promised to construct flats for the investors. Each individual reportedly paid between Rs 40 lakh and Rs 60 lakh for their flats. However, even after four years, the promised apartments have not materialized.
The situation escalated when a group of investors protested at the Uppal Sub-Registrar Office. They accused the company of re-registering flats already allotted to them to new buyers. The victims allege that Krithika Infra Developers has failed to deliver on its commitments and is involved in fraudulent land registration practices.
The problem dates back to 2020, when Srikanth allegedly purchased a two-and-a-half-acre plot in Hemanagar, Boduppal, for the apartment complex. Investors say they contributed Rs 54 crore toward the project. However, only two acres of the land were registered under the company’s name. While 140 investors received registration documents, 40 others were left with no proof of ownership. Despite making payments for years, none of the investors have seen any construction activity on the site.
In their fight for justice, the victims have approached local authorities. Unfortunately, they claim the police have dismissed their complaints, labeling the issue as a civil matter. Feeling helpless, the investors are now urging the state government to step in. They are demanding either a complete refund of their money or the completion of the promised apartments.
