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The Enforcement Directorate has raided six locations of Bhuvan Teza Infra in Hyderabad over money-laundering linked to pre-launch Happy Homes flats at Shamirpet. Around INR 80 crore was collected from nearly 300 buyers between 2020 and 2023 without delivery of flats or refunds. TG RERA had earlier penalised the company, declared it a defaulter, and ordered refunds with 11% interest. The director and two employees were arrested in 2024. The case highlights financial, regulatory, and legal accountability in Telangana's real estate sector.
The Enforcement Directorate (ED) recently conducted raids at six locations linked to Bhuvan Teza Infra Projects Pvt Ltd as part of a money-laundering investigation in Hyderabad. The action follows allegations that the company collected large sums from homebuyers under pre-launch offers for the Happy Homes flats at Shamirpet but neither delivered the flats nor refunded the money. Hundreds of buyers in Telangana were reportedly affected by this scam. Advertisement
Earlier investigations by the Central Crime Station (CCS), Hyderabad, revealed that the company collected nearly INR 80 crore from about 300 buyers. The director, Chekka Venkata Subrahmanyam, had executed agreements and sale deeds, but no construction was carried out, and buyers did not receive their payments back. Subrahmanyam was arrested in February 2024 and sent to judicial custody. Two company employees, JP Bhushana Rao and J Raj Kumar, were also taken into custody in March 2024 for collecting deposits under false pretences.
The Telangana Real Estate Regulatory Authority (TG RERA) had earlier declared Bhuvan Teza Infra a defaulter. The Happy Homes project was unregistered, and necessary approvals were missing. TG RERA imposed a penalty of INR 6.45 lakh, directed the company to refund payments with 11% interest, and barred it from undertaking any further real estate activity until dues were cleared. Buyers reported making payments between 2020 and 2023, but there was no progress on construction, repeated false promises regarding approvals, and refund requests were ignored or met with threats.
The ED's current actions add a financial crime perspective to the ongoing consumer complaints and regulatory scrutiny. The case underscores the risks of pre-launch real estate investments in Hyderabad and Telangana and highlights the importance of regulatory oversight, project registration, and timely refunds to protect homebuyers.
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