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Vamsiram Builders, a leading real estate firm based in Hyderabad, recently filed a complaint with the registrar of companies (ROC) and the ministry of corporate affairs, alleging serious misconduct in connection with two high-value redevelopment projects in Mumbai, totaling approximately INR 3,000 crore. The complaint asserts that Vamsiram Builders' name, logo, project details, address, and even client base have been fraudulently exploited by a Mumbai-based entity to carry out these projects. This alarming revelation places Vamsiram Builders at the heart of a significant property scandal.
The Hyderabad-based company contends that its identity and reputation have been unlawfully misappropriated by a group operating in Mumbai, specifically targeting affluent residential areas in Khar West and Prabhadevi. The miscreants allegedly utilized Vamsiram Builders' branding elements and business particulars to deceive stakeholders and execute these lucrative redevelopment ventures.
In their formal complaint, Vamsiram Builders specifically names a company named Vamsiram Realty Pvt Ltd, purportedly registered in Mumbai, and identifies its directors as Srishitha Kattam Reddy and Pattabhiram Reddi Kattamreddi. According to records provided, Vamsiram Realty Pvt Ltd was officially incorporated under the ROC Mumbai with Corporate Identification Number (CIN) U51909MH2023PTC397289 on January 10, 2023.
Vamsiram Builders clearly accuses this entity of engaging in fraudulent activities by adopting a business model and branding strategy eerily similar to its own.
The complaint highlights various instances of alleged identity theft, including the replication of Vamsiram Builders' logo, website design, color codes, and overall business aesthetics. This deliberate attempt to clone Vamsiram Builders' identity and exploit its established reputation for personal gain constitutes a grave breach of trust and integrity.
By lodging this complaint, Vamsiram Builders seeks swift and decisive action from the regulatory authorities to investigate and address this egregious violation. The company emphasizes the urgency of rectifying this situation to safeguard its interests and restore the integrity of its brand. Vamsiram Builders intends to pursue all available legal avenues to hold the responsible parties accountable for their actions and mitigate any potential financial losses stemming from this fraudulent activity.
Finally, the lawsuit from Vamsiram Builders highlights how important it is to have control and monitoring in the real estate industry in order to stop fraudulent acts and safeguard the interests of stakeholders and legitimate enterprises.
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