Property fraud: India

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Delhi tops nation in property frauds

New Delhi:


The Times of India Jul 07 2014

The capital tops the list in terms of cases related to property fraud and misappropriation among all states and union territories in the country , according to the National Crime Records Bureau (NCRB).

The total number of cases reported in sections of property lost under criminal breach of trust and cheating during 2013 was 181, the highest in the country , the report says. While eight cases among them were of criminal breach of trust, 173 cases were of cheating. Delhi was closely followed by Maharashtra with 176 cases, while Punjab came third with 82.

The Economic Offences Wing of Delhi Police which investigates financial crimes also says that there has been a spurt in such cases.

“Around 30% of all the cases which are reported to us are related to real estate,“ said joint commissioner of police (EOW) Satish Golcha.

Selling mortgaged property to multiple buyers or on fudged papers have been the typical methods, but now people are coming up with unique ways to con investors these days, police said.

“In a recent case, a real estate firm in its promotional documents used projects executed by some other entity to gain investors' trust,“ said a senior police official.

An FIR was lodged by one Surrinder Kumar Bangla, a former assistant general manager at SBI, against the promoters of Cosmic Structures Ltd at Janakpuri Police Station under provisions like Sections 420 (cheating), 120B (criminal conspiracy), etc.

Bangla allegedly paid Rs 70,000 and booked a virtual space in an upcoming tower in Noida of Cosmic Structures Ltd after its promoters provided him with a list of projects they claimed to have developed, constructed and delivered across the country .

“However, Bangla later came to know that the projects Cosmic Structures Ltd was boasting off were actually of Quality Constructions and he demanded a refund. He later approached court and got an FIR registered,“ said the official. PTI

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