Impact of the PS Prasad Power of Attorney on Hyderabad properties

Q: Hey, who has heard of the PS Prasad Power of Attorney scam? I heard somewhere that due to this scam few properties in Hyderabad may be at risk. I’m looking to invest soon, and this news worries me. Can someone please tell me what exactly is this scam,and what properties are under radar?

Govind Naidu, Hyderabad

23rd June 2014

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Hey, this is indeed a thing to worry about. These builders are good and reputed, and have some great projects in town. I was reading through the Economic Times, and it said that Cyrus Investments are going to take possession of all immovable properties that are owned by third parties in Hyderabad. Don’t you think the Confederation of Real estate Developers’ Association should intervene here, and help protect the interest of both the companies and third parties?

Geeta Naidu, Hyderabad

23rd June 2014

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I read about this as well at one of the real estate websites. This guys seems to have made at least a few hundreds of crores rupees through these fraudulent activities. I saw his counter arguments that whatever he sold was genuine. The case is still on, so as of now there’s no sure shot way to know. But, I read that the two major builders who would get hit by this are Prajay engineers and Aditya group. Both the builders are very reliable and trustworthy and bought lands in good faith from Mr. Prasad. Their constructions are normally on an upper scale, so I’m sure some steps will be taken by the builders to avoid any sort of inconvenience to their buyers.

Sriram Gowda, Hyderabad

23rd June 2014

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Hey, I understand your concern. I don’t really know which properties are affected, but I can give you details of the scam. Basically, this scam was conducted by a Mumbai based Lawyer named PS Prasad who handled legal rights related to some properties for the Cyrus Investments based in Mumbai. The company appointed Prasad as its attorney to identify few disputed lands in Hyderabad and determine the company’s share in them and secure them. But, later on it was discovered that Prasad was unlawfully selling these lands to third parties without proper approvals and registrations. Now, Cyrus investments claim the illegally sold property to be theirs, and the buyer basically might have just gotten mugged by a scamster.

Lokesh Gowda, Hyderabad

23rd June 2014

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