EOW Books 10 Persons in Real Estate Fraud
The victim estimated his financial loss, including company assets, business opportunities and reputation, at ₹200 crore
HYDERABAD: Cyberabad economic offences wing (EOW) police have registered a criminal case against 10 persons, including members of a business family, a chartered accountant and others, for allegedly forging company documents, cheating, criminal conspiracy and fraudulently taking control of a real‑estate firm through insolvency proceedings.
According to the complaint, the case was filed by a 42‑year‑old businessman, promoter of an infrastructure and real‑estate company. He alleged that the accused misused provisions of the Insolvency and Bankruptcy Code (IBC) and submitted fabricated documents before the National Company Law Tribunal (NCLT) to gain control over the firm and its assets.
The complainant, based in Bachupally, had been engaged in construction and real‑estate activities for several years and availed financial assistance from financiers and investors for various projects. During a period of financial distress, legal disputes and business setbacks, the company allegedly became vulnerable to manipulation by persons with access to its affairs.
He alleged that some of the accused, including former associates of the company, unlawfully accessed records, letterheads and cheques. These were allegedly used to create false loan confirmation letters and supporting documents, later submitted before the NCLT to project the accused as financial creditors.
The FIR stated that the accused allegedly became members of the Committee of Creditors (CoC) through these claims and subsequently influenced the Corporate Insolvency Resolution Process. The complainant said the process was manipulated to secure control over the company and its assets, including more than 34 acres of land in Bacharam village of Abdullapurmet mandal, Rangareddy district. He further pointed out that certain cheque numbers mentioned in the documents were dated 2017 and 2018, though the cheque books were issued only in 2019, suggesting fabrication and backdating.
The victim estimated his financial loss, including company assets, business opportunities and reputation, at ₹200 crore.
Based on the complaint, EOW police registered a case under BNS sections relating to cheating, forgery, criminal conspiracy and use of forged documents. Investigation is underway.