A 57-year-old transport business owner from CBD Belapur has lost Rs 1.47 crore in a long-running property fraud, after being misled with false promises of six flats that never materialised. Police confirmed that a real estate company director and two associates have been named as accused in the fraud case.
According to the complaint, between June 2011 and January 2016 the victim was repeatedly assured that a formal Agreement for Sale would be executed and that he would soon take possession of six flats. Despite paying the full amount, no legal documentation was provided, nor was any property handed over.
Nearly a decade later, in 2025, the victim finally approached the police and lodged a complaint against fraud. Authorities have now registered a case under sections related to cheating and criminal breach of trust.
Legal experts say the long delay in filing complaints makes it harder to investigate such scams, as crucial evidence and transaction trails are often weakened over time. They warn that delayed reporting not only complicates prosecution but also reduces the chances of recovering lost assets.
Police have once again advised property buyers to carry out due diligence before investing in real estate. This includes verifying title deeds, checking the developer’s background, and ensuring proper registration of documents before making any payments.
The fraud case highlights ongoing risks in India’s real estate sector, where buyers continue to be targeted through informal sales pitches and unverified leads. Authorities stressed that vigilance and proper documentation are the strongest safeguards against falling victim to such frauds.
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