Unmasking real estate scams: Inside the web of fake agreements and false promises
Hyderabad: In a troubling trend, significant real estate scams came to fore in the recent time- entering into unregistered sale agreement, issuing post dated checks, promissory notes and suites are some of the numerous deceiting tactics employed by real estate scamsters to defraud the victims.
Some of the recent scams which came to surface like Bhuvanteza Infra projects private Limited fraud, Bharathi Lake View residential apartments fraud, Highway Paradise pre launch offer of open plots fraud in Hyderabad and Cyberabad commissionerates highlight that all these scams have a similar modus operandi to cheat potential buyers.
Creating colorful brochures, advertisements in various mediums, assurances of approvals from concerned authorities, promising world class amenities, completion date, and free amenities for first customers these are some of the numerous assurances these scamsters have employed to lure the prospective buyers.
In one pre launch scam, Dupati Nagaraju, Chairman of M/s Bharathi Builders, launched a pre-launch flat scheme with the requirement to pay 25% initial payment and the rest to be paid later .Further he entered into a Memorandum of understanding (MOU) with the victims in which he committed that he will complete the project within 24 to 30 months.
Even after a year of full payment, it is alleged Nagaraju firm’s have not started work and they did not get HMDA permission. When confronted by the buyers Nagaraju tried to postpone the matter as he couldn’t escape. He issued some cheques for customers when asked for refunds and later when cheques were deposited, they bounced.
Likewise in another the Pre launch villa fraud case of GSR infra, Guntupalli Srinivasa Rao placed advertisements in online portals, used brochures and hired marketing partners to lure the potential victims and request them to visit their office. One who visits the office is greeted by marketing partners who explain about the villa project. Further to gain the trust they even shared HMDA application number of the villa project and informed about waiting for approvals from concerned authorities.
Believing the same when the buyers agreed to buy the villas. Further he executed an unregistered sale of agreement on Rs. 100 Non-judicial stamp paper claiming to acquire the land and transfer the rights. However, he cheated the buyers. This is his modus operandi and he had cheated around 32 buyers to a tune of 60 crores.
With the increase in such scams, the Cyberabad EOW Police appeals to the public not to invest/deposit any money in such Pre-launch offers and report any suspicious investment schemes/real estate transactions or activities to the authorities. The department is committed to prosecuting the perpetrators and ensuring justice for the victims.
