₹17.5-Crore Real Estate Fraud in Bengaluru: Directors and Agent Booked

In a significant property scam, Bengaluru police have booked two directors of a private company and a real estate agent for defrauding a 61-year-old man of ₹17.5 crore. The accused had promised to buy a large plot of land in Banashankari 2nd Stage but failed to make the payment after issuing cheques that subsequently bounced.

According to the police, the accused have been identified as Sneha Rakesh and Rajath Venkatesh, directors of Akarmaxs Tech Pvt. Ltd., and Robin Francis, a real estate broker. The case pertains to a property measuring nearly 16,990 sq. ft. in south Bengaluru. The complainant alleged that the accused issued four cheques as part of the payment for the deal, but all of them were dishonoured by the bank.

The complainant told the police that the accused posed as legitimate investors and claimed to be associated with a reputed property development firm. They expressed interest in purchasing the land and assured the seller of immediate payment. To win his confidence, they handed over four cheques amounting to ₹17.5 crore. However, when the cheques were presented for clearance, all of them bounced. The accused reportedly kept delaying the payment, citing procedural issues and financial transfers, until it became evident that the entire transaction was fraudulent. The complainant then approached the police, leading to the registration of a case.

The case is being investigated by officers from the Bengaluru South Division. Preliminary findings suggest that the accused may have duped multiple people using a similar pattern of bogus real estate offers. A senior investigating officer said, “The company’s directors were operating in the name of a tech firm but had been involved in high-value property deals under false pretences. Initial scrutiny shows that ownership transfer documents were never initiated for the said property.” Based on the complaint, the police have registered a case under Sections 420 (Cheating), 406 (Criminal Breach of Trust), and 34 (Common Intention) of the Indian Penal Code (IPC). Investigators are examining bank records, corporate filings, and property documents linked to the accused.

The police have urged citizens to verify all legal and financial details before entering into large property transactions. A senior officer warned, “Fraudsters often present themselves as credible buyers and issue large-value cheques to gain trust. By the time the cheques bounce, the victims are left with huge financial losses and prolonged legal battles.”

Officials noted a sharp increase in property-related frauds in Bengaluru’s real estate market in recent months. Police data shows that more than 20 major fraud cases, collectively involving over ₹100 crore, have been reported this year alone. Many of these cases involve companies using unregistered agents or fake documents to lure investors. Banashankari 2nd Stage, where the current incident occurred, is one of Bengaluru’s premium residential areas, with land prices ranging between ₹15,000 and ₹20,000 per sq. ft. Experts say such scams not only cause financial distress to individuals but also raise concerns about transparency and investor confidence in the city’s booming property sector.

The police have formed a special team to trace the whereabouts of the accused and are tracking financial transactions through bank and digital trails to establish the full extent of the fraud.