A case has been registered against Praneeth Concept Private Limited following allegations of a multi-crore real estate fraud. Around 55 homebuyers have accused the company’s directors of collecting ₹24.88 crore through a pre-launch apartment scheme while allegedly failing to deliver the promised flats.
According to the complaint,
the company launched a pre-launch residential project and attracted buyers by offering apartments at competitive prices. The investors paid substantial amounts after being assured that construction would begin soon and the flats would be handed over within the promised timeline. However, despite collecting crores of rupees from buyers, the project allegedly failed to progress as promised.
The complainants further alleged that repeated attempts to contact the firm’s management regarding the project and possession of the apartments yielded no satisfactory response. As delays continued and concerns grew over the status of the development, the affected investors approached the police seeking legal action.
Based on the complaints
, police registered a case against the real estate firm’s directors under relevant sections related to cheating and criminal breach of trust. Authorities have initiated an investigation to examine financial transactions, verify the allegations made by the homebuyers, and determine whether funds collected from investors were misused.
Investigators are also expected to record statements from the complainants and scrutinize project-related documents, agreements, and payment records as part of the probe. Officials have urged other investors who may have been affected by the alleged fraud to come forward and cooperate with the investigation.
The incident has once again highlighted the risks associated with investing in pre-launch real estate projects without adequate verification. Experts advise prospective buyers to thoroughly verify project approvals, land ownership, regulatory clearances, and the developer’s track record before making any investment.
As the investigation
continues, police are expected to ascertain the extent of the alleged fraud and take further legal action based on the findings. No final conclusions have been reached, and the allegations remain under investigation.
