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Real estate businessman arrested for cheating buyer of…

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activeChit Fund / Real Estate FraudPan India

Real estate businessman arrested for cheating buyer of over ₹1 crore

A real estate businessman in Chennai was arrested by the Central Crime Branch's Entrustment Document Fraud wing following allegations of cheating a buyer of over one crore rupees. According to investigators, the victim spotted a newspaper advertisement published by Nathan Foundation regarding residential flats being constructed in Udhagamandalam.

State

Multiple States

First reported

November 2024

Amount alleged

₹1 crore

Agency involved

Entrustment Document Fraud wing of the Central Crime Branch (CCB), Chennai Police

Arrests

Managing director of Nathan Foundation

Status

Accused remanded in judicial custody

The full story

Everything you need to know about this case, in one place.

The advertisement allegedly promised that the apartments would be completed within eight months, with a commitment to pay rent or compensation if the construction was delayed. Relying on this assurance, the complainant paid one crore forty-five lakh rupees to purchase six apartments in the names of family members and friends.

The buyer later alleged that the firm failed to fulfill the agreement, prompting a formal complaint to the Chennai Police Commissioner. Following an investigation, the managing director of the firm was taken into custody and remanded in judicial custody, while authorities advised other affected individuals to come forward and file complaints.

Not yet reported: The articles do not mention the exact date when the initial complaint was filed or when the arrest took place.

Where the case stands

The latest position in the reports we read.

The managing director of the firm has been arrested and remanded in judicial custody, and police have invited other potential victims to file complaints.

Who was affected

Described in general terms; we do not name victims.

A buyer who purchased six apartments using funds for himself, his wife, his brother-in-law, and two friends, along potentially with other undisclosed buyers.

How the scam worked

The method described in the reports.

The firm published a newspaper advertisement offering residential apartments for sale in Udhagamandalam.
The advertisement included an assurance that the flats would be constructed and handed over within eight months.
It further promised to provide rent or compensation if the construction was not completed on time.
The buyer paid a large sum of money for multiple apartments based on these contract conditions.
The firm allegedly failed to adhere to the agreed conditions and did not deliver the apartments.

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Keep reading

More cases like this one.

Suspended Muzaffarpur CO arrested in Rs15-crore land fraud caseChit Fund / Real Estate Fraud · Multiple States Real Estate Frauds Arrested For Cheating Investors Of Rs 1.75 CroreChit Fund / Real Estate Fraud · Multiple States Government land scam worth Rs 100 crore: FIR lodged against 31 named accused in SambhalChit Fund / Real Estate Fraud · Multiple States HC bars Rohtak courts from hearing bail pleas in multi-crore real estate fraud caseChit Fund / Real Estate Fraud · Multiple States

Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

thehindu.comOriginal report The HinduOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.