Hyderabad : A real estate businessman died by suicide at a farmhouse in Kandukur on Wednesday, allegedly due to disputes with his business partners.
Ram Reddy had entered into agreements with several landowners in Patancheru to develop a real estate project spread across nearly 250 acres, according to police. Police said the deceased had raised loans amounting to around ₹60 crore from various individuals in anticipation of developing the project. He had also entered into a profit-sharing arrangement in a 60:40 ratio.
“Some of the landowners wanted to withdraw from the deal, while others were unwilling to complete the legal formalities,” Kandukur inspector H Venkateshwarlu said. However, the landowners allegedly failed to complete the necessary legal formalities despite repeated reminders. Though a resident of Gachibowli, Ram Reddy hailed from Kandukur. He died by suicide at a farmhouse owned by his sister in the village. After being informed about the incident by family members, police reached the spot and analysed his mobile phones, gathering evidence as part of the investigation.