Three Realtors Booked for ₹177 Crore Fraud

Hyderabad:Cyberabad Economic Offences Wing (EOW) registered a criminal case against three realtors over allegations of misappropriation of partnership assets, illegal property registrations and diversion of funds amounting to nearly ₹177 crore across multiple real‑estate projects.

According to the complainant, the accused are identified as Neeli Srinivas Babu, his wife Neeli Lavanya Sree and businessman Julakanti Madhusudhan Reddy. Srinivas Babu had established a partnership firm, Sri Aditya Squares Ornate, in 2017 with equal shareholding to undertake real‑estate development. The complainant alleged that although he was a partner, Srinivas Babu exclusively handled finances, banking operations, investor dealings and accounts.

The firm acquired over three acres at Pati village in Sangareddy district for around ₹40 crore and launched a residential project of nearly 300 flats after HMDA and RERA approvals. Another company, Sri Squares Infra Pvt Ltd, later undertook projects including Green Tech phases at Kistareddypet and Golden Exotica at Kadthal.

The complainant alleged he was forced to invest personal funds and raise private finance after Srinivas Babu distanced himself from project activities. Around 80,000 sq ft of property worth ₹54 crore was allegedly registered in the name of Lavanya Sree without consideration to the firm. Another 45,000 sq ft was registered in favour of Madhusudhan Reddy and his family beyond agreed settlement terms.

The FIR further alleged diversion of partnership funds to related entities and personal accounts of family members and associates, while repeated requests for audits were ignored.

The case, initially registered with Madhapur police, was transferred to EOW, where it was booked under BNS Sections 318(4), 316(5) read with 3(5). Investigation has been launched. Attempts to contact Cyberabad EOW DCP Muthyam Reddy did not yield a response.