NRI Duped of ₹3.6 Crore in Real Estate Scam by Hyderabad Firm
A Non-Resident Indian (NRI) from Nigeria lost Rs 3.6 crore in a shocking real estate scam in Hyderabad. The NRI, lured by promises from a real estate firm to provide land in the upscale Kondapur area, was duped into a fraudulent deal. The firm, which had a popular Tollywood actor as its brand ambassador, took the money under the pretext of delivering prime land but failed to fulfill its promises.
The NRI, who was in India in 2021 looking for investment opportunities, came across social media advertisements by the real estate company. Attracted by the celebrity endorsement and the firm’s promotion of land with promising appreciation, the victim contacted the company. The representatives showed him various ventures in the Ranga Reddy district and surrounding areas, eventually leading him to purchase a 2,100 square-yard plot in Kokapet for Rs 3.6 crore. An agreement was made, stipulating that the property would be registered in his name within a year.
However, the scam began to unravel when the NRI later discovered that the plots sold to him had already been registered in other customers' names. Upon questioning the proprietor of the real estate firm, the victim was reassured that the other customers would cancel their sale deeds, and the registration of the promised land would proceed after clearing the arrears.
Hoping for a resolution, the victim paid the remaining balance and was shown sale deeds that were supposed to be registered in his name. He was asked to appear at the Sub-Registrar's Office (SRO) to complete the registration process. Trusting the firm’s assurances, the NRI went to the SRO on the agreed date, only to be met with disappointment. The proprietor failed to show up, and the victim's numerous attempts to reach the accused were met with silence.
Realizing he had been scammed, the NRI filed a complaint with the Cyberabad police. A criminal case was registered against the proprietor, with charges of conspiracy, cheating, and breach of trust. The police are now investigating the matter to bring the accused to justice.
This case highlights the rising number of real estate scams targeting NRIs, who are often vulnerable due to their distance from India and lack of firsthand knowledge about local regulations. Fraudulent real estate firms often take advantage of NRIs by promising high returns and playing on their desire to invest in lucrative properties in growing areas.
The victim in this case was particularly drawn in by the involvement of a Tollywood star, a common tactic used by firms to lend credibility to their schemes. Celebrity endorsements, while powerful, can sometimes be misleading, as the celebrities themselves may have little knowledge of the actual operations of the companies they represent.
NRIs looking to invest in real estate should take several precautions to avoid falling into similar traps. First, they must conduct thorough due diligence on the firm they are dealing with, including checking its track record and verifying land ownership before making any payments. Hiring a lawyer to oversee the transaction is also crucial to ensure that all documents are legally sound and that the deal is legitimate. Additionally, it’s important to avoid making large payments upfront without receiving adequate proof of ownership and registration.
The Hyderabad scam serves as a reminder of the risks involved in real estate investment and the need for greater vigilance, especially for those living abroad. NRIs must be extra cautious when investing in property and ensure that they take all necessary steps to protect themselves from fraud. This case also underscores the need for stricter regulation in the real estate sector to prevent such fraudulent activities from harming more people.
As the investigation continues, the victim hopes to recover his lost funds, while authorities work to hold the accused accountable for their actions.