Mumbai Realtor Scams Buyers: 3 Years' Jail
16 Nov 2023
2 Min Read
CW Team
A partner at Mumbai-based real estate firm Royal Realtors has been sentenced to three years in jail for cheating customers out of Rs 11 crore. The accused, whose name is being withheld, defrauded multiple buyers by promising them flats that were never delivered.
The fraud came to light when several buyers filed complaints against the realtor for failing to honor the agreements executed years ago. The accused, who held a prominent position in the company, had convinced the victims to invest by presenting them with fraudulent documents and false promises of luxurious flats in prime locations.
The police investigation revealed a web of deceit, with the fraudster using various tactics to deceive the innocent buyers. From forging legal documents to operating shell companies, every possible measure was taken to deceive the victims and make away with their hard-earned money.
The court found the accused guilty of cheating under Section 420 of the Indian Penal Code. While the realtor has been sentenced to three years in prison, the court has also ordered them to repay the defrauded amount to the victims as compensation.
This verdict serves as a warning to others involved in the real estate industry who might be considering fraudulent practices. The court's decision sends a strong message that such offenses will not be taken lightly, and the law will ensure that justice is served.
Buyers who have been scammed by fraudulent realtors often face an arduous legal battle to recover their investments. Many victims find themselves burdened with financial losses, along with emotional distress caused by broken promises and shattered dreams.
To protect themselves from falling victim to real estate scams, buyers should exercise caution and conduct thorough due diligence before investing. It is advised to verify the developer's reputation, check the necessary permits and clearances, and closely review all legal agreements before making any financial commitments.
Additionally, prospective buyers can seek assistance from registered real estate agents or consult legal professionals to ensure their investments are secure. By taking these precautions and remaining vigilant, buyers can minimize the risk of becoming victims of real estate fraud.
In conclusion, the conviction of the Mumbai-based realtor involved in a Rs 11 crore cheating case serves as a reminder to both buyers and real estate professionals that fraudulent practices will lead to severe consequences. The judgment provides hope to scam victims while establishing the importance of due diligence when dealing with property transactions.
A partner at Mumbai-based real estate firm Royal Realtors has been sentenced to three years in jail for cheating customers out of Rs 11 crore. The accused, whose name is being withheld, defrauded multiple buyers by promising them flats that were never delivered.
The fraud came to light when several buyers filed complaints against the realtor for failing to honor the agreements executed years ago. The accused, who held a prominent position in the company, had convinced the victims to invest by presenting them with fraudulent documents and false promises of luxurious flats in prime locations.
The police investigation revealed a web of deceit, with the fraudster using various tactics to deceive the innocent buyers. From forging legal documents to operating shell companies, every possible measure was taken to deceive the victims and make away with their hard-earned money.
The court found the accused guilty of cheating under Section 420 of the Indian Penal Code. While the realtor has been sentenced to three years in prison, the court has also ordered them to repay the defrauded amount to the victims as compensation.
This verdict serves as a warning to others involved in the real estate industry who might be considering fraudulent practices. The court's decision sends a strong message that such offenses will not be taken lightly, and the law will ensure that justice is served.
Buyers who have been scammed by fraudulent realtors often face an arduous legal battle to recover their investments. Many victims find themselves burdened with financial losses, along with emotional distress caused by broken promises and shattered dreams.
To protect themselves from falling victim to real estate scams, buyers should exercise caution and conduct thorough due diligence before investing. It is advised to verify the developer's reputation, check the necessary permits and clearances, and closely review all legal agreements before making any financial commitments.
Additionally, prospective buyers can seek assistance from registered real estate agents or consult legal professionals to ensure their investments are secure. By taking these precautions and remaining vigilant, buyers can minimize the risk of becoming victims of real estate fraud.
In conclusion, the conviction of the Mumbai-based realtor involved in a Rs 11 crore cheating case serves as a reminder to both buyers and real estate professionals that fraudulent practices will lead to severe consequences. The judgment provides hope to scam victims while establishing the importance of due diligence when dealing with property transactions.
Next Story
CRCL, IIT Delhi Sign MoU to Boost Science and Ease of Business
The Central Revenues Control Laboratory (CRCL), Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, and the Indian Institute of Technology (IIT) Delhi signed a Memorandum of Understanding (MoU) toward trade facilitation and improving the ease of doing business. This MoU collaboration aims to foster R&D, innovation, and scientific excellence at CRCL, bolstering trade facilitation and regulatory efficiency.The MoU was signed by Prof. Rangan Banerjee, Director, IIT Delhi, and Shri V. Suresh, Director, CRCL, in presence of Shri Surjit Bhujabal, Speci..
Next Story
CAQM Sub-Committee Activates 27-Point Plan to Improve NCR Air Quality
The daily average AQI of Delhi has been hovering marginally above 200 threshold with forecast of slight improvement since last two days. Today, Delhi鈥檚 daily average Air Quality Index (AQI) clocked 213 (鈥楶oor鈥� category), as per the daily AQI Bulletin provided by the Central Pollution Control Board (CPCB), owing to variable winds. In wake of the average/ overall air quality of Delhi recording 鈥楶oor鈥� air quality category ranging between 201-300, the CAQM Sub-Committee on GRAP met today to take stock of the current air quality scenario of Delhi-NCR. While comprehensively reviewing the a..
Next Story
DoT Launches Financial Fraud Risk Indicator to Boost Cybersecurity
In a major step towards combating cyber fraud and financial crime, the Department of Telecommunications (DoT) has announced sharing of 鈥淔inancial Fraud Risk Indicator (FRI)鈥� with stakeholders- an output from a multi- dimensional analytical tool developed as part of the Digital Intelligence Platform (DIP) to empower financial institutions with advance actionable intelligence for cyber fraud prevention. This will enhance cyber protection and validation checks in case of mobile numbers flagged with this tool when digital payment is proposed to be made to such numbers.What is the 鈥淔inancial ..