Businessman alleges ₹17.1 crore property fraud; CCS Hyderabad books case
Hyderabad police have registered a fraud case against a private infrastructure company and three bank officials regarding a property transaction worth ₹17.1 crore. The complainant alleges that the property was mortgaged for a loan without the seller receiving payment.
Why it matters
This case highlights potential vulnerabilities in property transactions and the importance of due diligence in banking loan approvals.
The Central Crime Station (CCS) of the Hyderabad police has registered a case against the managing director of a private infrastructure company and three Punjab National Bank (PNB) officials following a complaint alleging that a commercial property worth ₹17.1 crore was mortgaged to secure a ₹25 crore loan without the seller receiving the agreed sale amount.
The complaint was filed by Banjara Hills-based businessman Vemula Satya Murthy, 69, who alleged that he was cheated in the sale of Sriharsha Complex, a commercial property located in Malakpet.
According to the FIR, Darishala Naresh Chowdary, managing director of DNC Infrastructure Pvt. Ltd., agreed to purchase the property in November 2024 and showed a purported PNB loan approval letter as proof of his financial capacity. Based on the assurance, the complainant executed a registered sale deed without receiving the sale consideration.
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