Home / Crime and Justice / Hyderabad: Rs 270 Crore Scam Rocks Construction Firm
Hyderabad: Rs 270 Crore Scam Rocks Construction Firm
8 Feb
Summary
- Hundreds of flat buyers lost approximately 270 crore to a construction firm.
- The company allegedly failed to meet project deadlines and faced fraud allegations.
- Authorities registered a cheating case against the directors of White Waters Constructions.
A cheating case has been registered against White Waters Constructions and its directors by the Economic Offences Wing (EOW) of Cyberabad police. This action follows a complaint from a flat buyer who alleged the company defrauded hundreds of customers, collecting approximately 270 crore without fulfilling project commitments. The complainant initially paid 11 lakh in 2018 for a flat and subsequently paid a total of 79.94 lakh.
Directors allegedly increased the flat's price and area unilaterally, while project deadlines, initially set for December 2024 and December 2025, were missed. Buyers formed an association, alleging multiple sales of the same flats and significant project delays. Only partial structural work is complete on the 816-unit venture, and its Telangana RERA registration is set to expire in June.
The EOW has registered a case under various sections of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors of Financial Establishments Act. Over 100 flat buyers have reported their money being stuck for years due to the uncompleted project. The investigation is in progress, and no arrests have been made as of the report.
