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The Economic Offences Wing of Cyberabad police has booked SSLS Real Estate & Constructions promoters, K Upendra and Atchuta Rao, for allegedly defrauding investors of approximately INR 19.4 crore. Investors, including Badari Nadh Gelli and associates, were lured with promises of high returns on property ventures across Telangana and Andhra Pradesh. Despite a memorandum of understanding for repayments, cheques worth nearly INR 13.3 crore were dishonoured, and investors faced threats when seeking refunds. A case has been registered under multiple sections of the Bharatiya Nyaya Sanhita, with investigations ongoing.
The Economic Offences Wing (EOW) of Cyberabad police has booked the promoters of SSLS Real Estate & Constructions for allegedly defrauding investors of around INR 19.4 crore. The accused, K Upendra and his father Atchuta Rao, reportedly misrepresented themselves as established developers with multiple projects across Telangana and Andhra Pradesh, convincing investors to contribute substantial sums for promised high returns. Advertisement
According to a complaint filed by businessman Badari Nadh Gelli, the fraudulent activity began in mid-2023 when a mutual acquaintance arranged a meeting at Lodha Meridian in Kukatpally. During this meeting, Upendra and Atchuta Rao allegedly assured investors of significant returns and persuaded Gelli along with R Mohan Krishna, B Nageswar Rao, and Kishore to invest a total of INR 19.4 crore through a mix of bank transfers and cash payments.
Reports suggest that the investors were pressured to infuse additional funds, with Upendra warning that previous investments could be forfeited unless more money was provided. When repayment was later demanded, the accused issued a memorandum of understanding promising refunds in installments or plots of equivalent value. However, cheques worth nearly INR 13.3 crore presented in August 2025 were dishonoured, and further communication attempts were met with threats and abusive behavior.
Following the complaint, a case was registered in the last week of September against Upendra, Atchuta Rao, Mohan Muralidhar, and SSLS Real Estate & Constructions under Sections 318(4) (cheating), 316(2) (punishment for criminal breach of trust), and 61(2) (punishment for criminal conspiracy) of the Bharatiya Nyaya Sanhita. The police are actively collecting evidence to pursue further legal action.
This case adds to growing concerns about fraudulent schemes in the real estate sector, especially those targeting unsuspecting investors with promises of high returns. Authorities are emphasizing stricter vigilance and continuous monitoring to ensure investor protection and preserve the integrity of the property market.
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