The Cyberabad Economic Offences Wing (EOW) has registered a case against real estate company Saket Engineers, following allegations of cheating customers by mortgaging occupied properties as unsold inventory to secure a loan of Rs 30 crore. This comes after a similar case was filed by the Medchal police.
Case registered on May 12
The latest case was registered on May 12 at the EOW police station in Cyberabad, based on a complaint filed by A. Rohit Reddy from Gowdavalli in Medchal-Malkajgiri district. According to the complaint, the directors of Saket Engineers fraudulently mortgaged his villa number 94.
Complainant's family entered development agreement in 2009
Rohit stated that the land on which the real estate project was developed originally belonged to his family. They entered into a development agreement with the accused company in 2009. In 2019, eight villas were allotted to his family, including villa 94. The villa was completed in 2021 and later gifted to him by his father in January 2025. The complainant subsequently mortgaged the villa with HDFC Bank.
Fraud discovered through encumbrance certificate
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 October 16, 2025. The complaint further alleged that five other villas and more than 20 flats were also mortgaged. An EOW official stated that notices will be issued to the accused to appear for questioning.
Similar case registered by Medchal police
On May 5, the Medchal police registered a similar case against the same accused on the complaint of another owner, Anitha Vittal.
Company director's response
In response to the allegations, Saket Engineers director Ravi Kumar Gollapudi stated that the company had taken a loan of Rs 30 crore in March 2022 for Saket Bhu Sattva Phase II. Since October 2023, they have been repaying the loan in installments. The loan term was extended beyond September 2025 due to poor real estate market conditions. While doing the extension document, three villas of Phase I (the complainants' villas) were erroneously entered into the Memorandum of Deposit of Title Deeds (MODT), which was executed in October 2025. He claimed that these three villas were not mortgaged in the original March 2022 MODT and that no loans were disbursed on those villas. Gollapudi added that the loan was completely paid off and closed on March 17, 2026, and the MODTs were cancelled and released on May 4, 2026.
