Pune Man Arrested for Rs 100 Crore Real Estate Scam in Mumbai
A 35-year-old Pune man, Sandesh Jawale, was arrested for allegedly defrauding buyers of Rs 100 crore by promising below-market-value properties in Mumbai.
Real Estate ScamMumbaiPuneOnline AuctionProperty FraudReal Estate NewsSep 29, 2024
Jawale's fraudulent activities began during the Covid-19 pandemic in 2020 and continued for four years before he went into hiding. He ran out of luck when he allegedly duped a Mumbai man of Rs50 lakh after showing him an office space at BKC. The police are now working to determine the full extent of the fraud and identify any other individuals who may have been involved in the scam. Jawale collected money from buyers through online transactions, which were credited to his company's account, Quick Deals, dealing in real estate. Instead of paying the sum to the bank, he used it for his own purpose. His modus operandi involved obtaining keys to such properties and showcasing them to interested parties. He would collect advance payments from the buyers before vanishing with the money.
Frequently Asked Questions
What was the amount of money allegedly swindled by Sandesh Jawale?
Rs 100 crore
How did Jawale deceive people?
He offered properties seized by banks from loan defaulters at prices below market value.
When did Jawale's fraudulent activities begin?
During the Covid-19 pandemic in 2020
How did Jawale collect money from buyers?
Through online transactions, which were credited to his company's account.
What is the police investigating?
The full extent of the fraud and the possibility of a bank employee being complicit in the scheme.
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