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.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.