Victims have accused Tripura Constructions of a ₹500 crore fraud in Hyderabad, involving pre-launch flats. A complaint has been filed with CCS police against the company's chairman, Pasupuleti Sudhakar, regarding this alleged deception.
According to AP7AM, the victims include central government employees and software professionals. They claim to have been defrauded after being enticed by promises of flats at lower prices.
AP7AM reports that in 2021, Tripura Constructions announced a large residential project named "Tripura Nirvana" in Tellapur. Many invested their hard-earned money in this project, attracted by a pre-launch offer promising flats at prices below market rates.
The victims stated in their complaint that approximately ₹500 crore was collected from them for flats, but the construction was never undertaken. They also allege that the project land is being sold to another company.
The victims have urged the police to take legal action against the company's founder-chairman, Pasupuleti Sudhakar, and others involved.
These allegations highlight the need for caution among those investing in the real estate sector in Hyderabad, particularly concerning pre-launch offers, which can carry significant risks for buyers in Andhra Pradesh and Telangana.