EOW files case on realty co for villa mortgage fraud

Hyderabad: After Medchal police, the Cyberabad Economic Offences Wing (EOW) has now registered a case against a real estate company, Saket Engineers, that developed villas and flats near Kompally, over allegations that it cheated customers by mortgaging occupied properties as ‘unsold inventory' to secure a 30 crore loan.The latest case was registered on May 12 by the EOW police station of Cyberabad, based on a complaint filed by A Rohit Reddy from Gowdavalli in Medchal-Malkajgiri district.According to the complainant, the directors of Saket Engineers have fraudulently mortgaged his villa number 94. According to Rohit, the land on which the real estate project came up originally belonged to his family, and they entered into a development agreement with the accused company in 2009. "In 2019, eight villas were allotted to my family, including villa 94. It was completed in 2021, and later gifted to me by my father in Jan 2025," said the complainant. He subsequently mortgaged the villa with HDFC Bank.The alleged fraud came to light on May 2, when the complainant checked the encumbrance certificate online and found that the same villa had been mortgaged by the company to another private entity on Oct 16, 2025. The complaint further alleged that five other villas and more than 20 flats, were also mortgaged. "Notices will be issued to the accused to appear for questioning," said an EOW official. On May 5, Medchal police registered a similar case against the same accused on the complaint of another owner, Anitha Vittal.In response to the allegations levelled against Saket Engineers, its director Ravi Kumar Gollapudi stated that: "We had taken a loan of 30 crore in March 2022 for Saket Bhu Sattva Phase -II. Since Oct 2023, we have been repaying the loan in instalments. The loan term was extended beyond Sept 2025 because of bad real estate market conditions. While doing the extension document, three villas of Phase I (complainants' villas) were erroneously entered into the Memorandum of Deposit of Title Deeds (MODT), which was executed in Oct 2025. These three villas were not mortgaged in the original March 2022 MODT. No loans were disbursed on those villas. We have completely paid off and closed the loan on March 17, 2026. The MODTs were cancelled and released on May 4, 2026."