Real Estate Broker Alleges Rs 3.24 Crore Fraud in Ahmedabad
A 29-year-old real estate broker has filed a complaint with the Satellite police in Ahmedabad, claiming that he was cheated of Rs 3.24 crore by four individuals. The broker, who is involved in land transactions, was introduced to a commercial complex project near a prominent junction in the city in 2024. The project was presented as a lucrative investment opportunity with the potential for significant returns.
The proposal involved purchasing seven office units on the seventh floor of the upcoming commercial building, with a total super built-up area of around 7,390 sq ft, for Rs 4.77 crore. The complainant was allegedly persuaded by an acquaintance and his associates, including a representative linked to the project and the firm's proprietor. It was agreed that Rs 10 lakh would be paid as token money in cash, while Rs 3 crore, which the complainant claimed was due to him from the acquaintance in previous dealings, would be adjusted and deposited with the project firm. The remaining amount was to be paid through banking channels.
According to the complainant, Rs 10 lakh was handed over in cash at a café near the project site, while Rs 3 crore was shown as deposited with the firm. Later, in May 2024, he and his father visited the project office, where they were informed that the scheme was registered under RERA and that Rs 2 lakh per unit had to be paid via cheque. Accordingly, Rs 14 lakh was transferred through RTGS and cheques from his bank account. Receipts were issued for these transactions, as confirmed by the police.
The broker further alleged that although he has so far paid Rs 3.24 crore towards the booking of the seven units and is ready to pay the remaining Rs 1.77 crore, the developers failed to execute the sale deed. He also claimed that a diary reflecting earlier cash entries was destroyed and replaced with separate allotment letters for each unit. Satellite police have registered a case of cheating and criminal breach of trust against the accused individuals.
The case highlights the risks associated with real estate investments and the importance of due diligence and verification of all documents and transactions. Investors are advised to be cautious and seek professional advice before making significant financial commitments. The police are currently investigating the matter to uncover the full extent of the alleged fraud and to bring the perpetrators to justice.
