According to Muneeza Naqvi of the Associated Press, Sharapova's name was attached to a housing project called "Ballet by Maria Sharapova" run by real estate firm Homestead Infrastructure.
The firm allegedly took millions of dollars from buyers after Sharapova helped launch the project in 2013, but it failed to progress.
"Ballet by Maria Sharapova" was reportedly supposed to be a luxury apartment complex in Gurgaon, India.
Attorney Piyush Singh said his client, Bhawana Agarwal, paid $81,678 toward the project in 2013 due largely to Sharapova's involvement.
Homestead Infrastructure allegedly stopped taking Agarwal's calls and didn't provide updates on the project, which was never completed
In addition to her on-court endeavors, Sharapova is a successful businesswoman who earned a total of $21.9 million in 2016.
The 30-year-old native of Russia served a 15-month suspension after testing positive for meldonium and made her return to tennis in April.
Sharapova is a five-time Grand Slam champion who made it to the fourth round of the 2017 U.S. Open, which was her first Grand Slam tournament after serving the suspension.