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.
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.