A massive real estate fraud has rocked Hyderabad as RJ Ventures allegedly cheated around 600 investors of ₹150 crore through fake pre-launch property schemes. The victims gathered outside the Central Crime Station (CCS) in Basheer Bagh to protest and demand justice.
The company had promised housing developments across several prime locations including Narayan Khed, Ghatkesar, Patan Cheru, and Kartanoor areas. Investors were convinced to put in amounts ranging from ₹20 lakh to ₹50 lakh each. However, four years after collecting the investments, no construction has begun at any of the promised sites.
The victims are now demanding the arrest of RJ Ventures’ Managing Director Bhaskar Gupta and Director Sudha Rani. According to the investors, the company had guaranteed house completion by 2022 and even offered monthly rent compensation of ₹6,000-8,000 if construction was delayed. Formal agreements were signed, but the promises remained unfulfilled. Some investors who received cheques from the company found them bouncing.
“They made grand promises about completing construction by 2022 and even signed formal agreements with us. When we started questioning the lack of progress after four years, the management kept avoiding our concerns. We’ve been requesting our money back with interest for the past year, but they continue to delay and dodge our demands,” explained one of the affected investors.
This scandal comes shortly after another similar fraud case involving Suvarna Bhoomi Infra Developers, who allegedly cheated investors through a “buyback investment” scheme. In that case, investors were promised 24% returns after 18 months, adding to the growing concern about real estate fraud in the city.
This real estate scam in Hyderabad has reignited calls for stricter regulations and better safeguards for property investors, highlighting a recurring issue that happening in the real estate sector for years. Despite repeated scams, successive governments have failed to implement stringent laws to prevent such frauds, leaving investors vulnerable. Meanwhile, as usual police investigations are underway to recover the defrauded money and hold the perpetrators accountable,which might take decades.
-Sanyogita
