According to police, Srikanth lured gullible buyers by offering attractive pre-launch deals on 2BHK and 3BHK flats in Boduppal, Tattiannaram and Uppal. Around 150 people invested amounts ranging from a few lakhs to several crores, hoping to secure their dream homes.
Hyderabad:The LB Nagar police have filed a custody petition against Krithika Infra Developers managing director (MD) Dumavath Srikanth, accused of duping homebuyers of nearly Rs 150 crore through fraudulent pre-launch offers on housing projects.
According to police, Srikanth lured gullible buyers by offering attractive pre-launch deals on 2BHK and 3BHK flats in Boduppal, Tattiannaram and Uppal. Around 150 people invested amounts ranging from a few lakhs to several crores, hoping to secure their dream homes.
Inspector Vinod Kumar of LB Nagar police said Srikanth faces 17 cases, including 13 at LB Nagar and one each at Medipally, Saroornagar and Vanasthalipuram. “We have filed a custody petition and are investigating the accused’s assets. Properties in his name and those of his family members may be attached and seized,” he said.
Victims alleged that despite repeated complaints since 2024, justice had been delayed. “We invested our hard-earned money in homes, but were cheated. We hope this custody will finally bring action,” said one complainant. Another victim said she had been visiting the builder’s office daily to recover her money, only to be handed cheques that later bounced.
Police said Srikanth mortgaged land to realtor Shankar Lal while continuing to collect money from buyers. To reassure investors, he even offered UDS (Undivided Share) documents, creating the impression of legitimate ownership. Officials said they would verify all government permissions, ownership papers and profits and attach properties if irregularities were confirmed.
“The custody petition focuses on tracing his assets and verifying land and property documents,” officials added.
