Hyderabad: High court has admitted a Public Interest Litigation (PIL) alleging a massive real estate fraud of over ₹5,000 crore by companies operating under the name of Hyderabad-based Spectra Group, allegedly duping more than 10,000 homebuyers and investors across Telangana.A bench comprising Acting Chief Justice P Sam Koshy and Justice Suddala Chalapathi Rao directed the group to file counters in response to the PIL filed by a city-based NGO The Right Society, represented by its president A Venkateswara Reddy, and adjourned the matter for further hearing.Senior Counsel B Rachana Reddy, appearing for the petitioner, contended that Spectra India Eco Projects Pvt Ltd, Spectra India Housing Pvt Ltd, Spectra India Mega Projects Pvt Ltd and their associated companies collected money from the public since 2015 by promising residential plots, approved layouts and housing projects.The petitioner alleged that the companies mobilised over ₹5,000 crore from more than 10,000 customers through a network of nearly 10,000 marketing agents.“Around 15 projects spread over more than 2,000 acres were marketed within 70-80 km of Hyderabad. These included Spectra Galaxy Divine at Kolanpak, Spectra Yashovan and Galaxy Gold at Yadagirigutta, Spectra Diamond at Yadadri, Highway City at Narketpally, Viceroy Residency, Fortune, Fortune Residency, Peripheral City, Spectra City and Viceroy phases at Shadnagar, Gateway City at Balanagar and Spectra Tech Towers at Injapur-Uppal,” the petitioner said in the petition.The petitioner alleged that several projects were abandoned without developing basic infrastructure or executing sale deeds despite collecting money from buyers.Rachana Reddy further argued that only six projects obtained RERA registration and that mandatory escrow accounts were not maintained, resulting in diversion of funds.The petition also presented details of dishonoured post-dated cheques issued by the group and misleading claims about HMDA and DTCP approvals to allegedly convince and dupe investors.Alleging that RERA, police, Enforcement Directorate, Economic Offences Wing, SFIO, SEBI and other enforcement agencies failed to initiate a coordinated investigation despite receiving representations, the petitioner sought a direction for a court-monitored Special Investigation Team (SIT), registration of criminal cases under the Telangana Protection of Depositors of Financial Establishments Act and Bharatiya Nyaya Sanhita, forensic audits of the companies and completion of abandoned projects.It also sought freezing and attachment of the companies’ and directors’ assets to protect investors’ money.
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