Mumbai Real Estate Firm Duped of Rs 8 Crore in Goa Property Scam
A Mumbai-based real estate company, Luxurious Properties Pvt Ltd, has filed a police complaint against five individuals for defrauding them of Rs 8 crore in a property sale in Candolim, Goa.
Real EstateProperty FraudGoaLand ScamLuxury PropertiesReal Estate MumbaiOct 30, 2025
The fraud came to light when the company, represented by Nitan Chhatwal, paid the accused the agreed sum of Rs 8 crore for the property. However, the accused failed to complete the sale transaction as promised and instead created third-party rights in the property, frustrating the legitimate claims of Luxurious Properties Pvt Ltd.
The FIR was registered with the Mapusa Police Station, where the investigating officer, PI Nikhil Palekar, named the accused as Candolim residents Oscar Vaz and Zita Vaz, Mapusa residents Laura Vaz E D’sa and Peter D’sa, and Maharashtra resident Aloysis Pinto. The accused are alleged to have acted with a common intent to defraud the real estate company.
In the complaint, Chhatwal detailed the sequence of events leading to the fraud. He stated that the agreement was entered into with Oscar Vaz, who claimed to represent himself and his family members. The total agreed consideration for the property was Rs 12 crore, and an agreement for sale dated September 3, 2012, was duly registered. Chhatwal and his company made substantial payments as per the instructions of Oscar Vaz, with the total sum of Rs 8 crore being paid to the family of Oscar Vaz and other co-owners.
Despite the substantial payments, Oscar Vaz and his family members failed to fulfill their obligations. They allegedly created third-party rights in the property, thereby preventing the completion of the sale transaction. This fraudulent act has left Luxurious Properties Pvt Ltd in a precarious position, having lost a significant amount of money and the property they had hoped to acquire.
The case highlights the risks associated with property transactions, especially in areas with complex land ownership and legal issues. Real estate companies and individual buyers are advised to conduct thorough due diligence and verify the legal rights of the sellers before making any payments. The Goa police are currently investigating the matter, and legal action is expected to follow.
Luxurious Properties Pvt Ltd, a well-established real estate firm based in Mumbai, has a reputation for handling high-value property transactions. This incident is a significant setback for the company, which now faces the challenge of recovering the lost funds and ensuring that such fraud is not repeated in the future. The company has also issued a statement urging other potential buyers to be cautious and vigilant in their dealings with property sellers in Goa.
The police have urged anyone with information related to the case to come forward and assist in the investigation. The accused have been identified, and the police are working to apprehend them and recover the lost funds for the real estate company. The incident serves as a stark reminder of the importance of transparency and legal compliance in the real estate sector.
Frequently Asked Questions
What is the total amount of money lost in the property scam?
The total amount of money lost in the property scam is Rs 8 crore.
Who are the accused in the property fraud case?
The accused in the property fraud case are Oscar Vaz, Zita Vaz, Laura Vaz E D’sa, Peter D’sa, and Aloysis Pinto.
What is the name of the real estate company that was defrauded?
The real estate company that was defrauded is Luxurious Properties Pvt Ltd.
Where is the property located that was the subject of the fraud?
The property that was the subject of the fraud is located in Candolim, Goa.
What is the total agreed consideration for the property?
The total agreed consideration for the property was Rs 12 crore.
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