Mumbai Real Estate Fraud: 35-Year-Old Arrested in ₹100 Crore Scam

In a recent crackdown on real estate fraud, a 35-year-old man from Pune has been arrested in connection with a ₹100 crore scam that has allegedly defrauded numerous buyers in Mumbai over the past four years. 

According to the police from the Bandra Kurla Complex (BKC) station, the accused is reported to have lured potential buyers with enticing offers on residential and commercial properties at prices well below the market value. He gained their trust by showing them flats allegedly seized by banks from loan defaulters, which were supposedly up for auction. He even secured loans on behalf of buyers, using the funds for his own purposes.

Reportedly, the accused initiated his fraudulent activities during the Covid-19 pandemic in 2020 and continued for four years until his arrest. His downfall occurred after he allegedly swindled a Mumbai resident out of ₹50 lakh. 

Following the complaint, DCP Manish Kalwaniya (Zone VIII) led a team that retrieved information about the accused from the Registrar of Companies, where he had registered his company, 'Quick Deals', dealing in real estate. 

Investigations reveal that he collected large sums of money as advance payments through online transactions, only to divert these funds for his personal use. Additionally, he allegedly secured loans on behalf of buyers. The police are now investigating potential complicity from a bank employee, who may have provided assistance in accessing the properties that were fraudulently marketed. 

This case highlights the growing problem of real estate fraud in cities like Mumbai, where the appeal of property investment can result in serious financial losses for unsuspecting buyers. As the investigation unfolds, police are focused on revealing the full extent of the scam and holding those responsible accountable.

With the real estate market experiencing fluctuating dynamics, buyers are reminded to exercise caution and conduct thorough due diligence before committing to any property transactions.