Senior citizen alleges property scam involving NRI, bank officials in Moinabad
Hyderabad: In a shocking case of financial fraud, a retired professional has accused reportedly an Indian-origin British national and multiple bank officials of orchestrating a sophisticated property scam. Cyberabad police have registered a case and initiated an investigation into the allegations.
The complainant Mustafa Ali Mujahed, 59, claims that Manikonda Kishore Kumar, a British-Indian fraudster, and his associates deceived him. They tricked him into giving up his 1,068-square-yard property in Yenkapally Village, Moinabad Mandal, Rangareddy District.
After working in Dubai for 23 years, Mustafa returned to India in 2009 and settled in Attapur. In 2016, he and his wife purchased and built a G+1 house on the property, where they lived until 2024. Mustafa faced financial issues regarding his children’s education in the UK. So, in 2021, he sought an education loan from Axis Bank and Indian Overseas Bank (IOB). Both banks rejected his application, citing restrictions under G.O. 111, which prohibits certain financial transactions on the land.
In 2021, Mustafa was approached by Ravi, a bank employee, and Varma, a bank agent, who introduced him to Kishore. Claiming to be an NRI, Kishore assured Mustafa that he could secure a loan using his property as collateral. When this failed, Kishore suggested an alternative: transferring the property ownership to him for a limited time to qualify for an NRI purchase loan. Kishore promised to pay the EMIs, replace the property with a similar one in Guntur, and re-register it in Mustafa’s name after the loan was repaid.
Accused obtained loan from a Bank in Andhra pradesh: Complainant
Trusting these assurances, Mustafa executed a sale deed in favor of Kishore on July 26, 2022, for a reported Rs. 5 crores. However, he only received Rs. 40 lakhs, which Kishore coerced him to transfer to Varma. The sale deed falsely claimed Kishore had paid Rs. 1.76 crores via RTGS and cheques, which Mustafa says never occurred. Further, the deed mentioned fake cheques, and no payments credited to Mustafa’s account.
“Kishore also provided a fraudulent British passport to secure the loan. The bank sanctioned the high-value loan without verifying his identity or documents. Kishore remains untraceable, raising concerns about identity fraud”, alleges complainant.
Mustafa alleges collusion between Kishore, Varma, and some bank officials. They failed to conduct due diligence. He accuses the group of forging documents and misrepresentation. Their actions caused a fraudulent transfer of his property.
The Cyberabad police have booked a case and are investigating the scam. The incident has caused Mustafa and his family great distress. They lost their hard-earned property to fraud.
