Satellite Police Probe Rs 3.24 Crore Real Estate Fraud

Ahmedabad: A 29-year-old real estate broker has lodged a complaint with Satellite police, alleging that four persons cheated him of Rs 3.24 crore in a commercial property deal by promising high returns.

The broker said he was introduced in 2024 to a proposed commercial complex near a prominent junction and was told that the investment could double. He agreed to purchase seven office units on the seventh floor of the upcoming building, measuring around 7,390 sq ft in total, for Rs 4.77 crore.

As per the complaint, Rs 10 lakh was paid in cash as token money, while Rs 3 crore, which he claimed was due from an acquaintance in earlier dealings  was adjusted and shown as deposited with the firm. Later, he also transferred Rs 14 lakh through RTGS and cheques after being told the project was RERA-registered. Receipts were issued for these payments.

The broker alleged that despite paying Rs 3.24 crore and being ready to pay the remaining Rs 1.77 crore, the developers failed to execute the sale deed. He also claimed that records of earlier cash entries were destroyed and replaced with allotment letters. DeshGujarat