A woman was arrested in Thane district for allegedly cheating home buyers, tenants and property owners of more than Rs 1.36 crore by promising high returns on real estate investments and offering rental agreements, a police official said on Thursday.
The accused was identified as Chandni Abhay Verma, who was arrested on September 4 by the Navghar police, the official said, reported PTI.
Woman allegedly lured victims with promises of high returns
According to police, Verma allegedly approached several people and sought large lump-sum deposits, claiming that the money would be invested in ongoing construction projects in Naigaon and Palghar.
"Between July 1, 2024 and August 28 this year, Verma lured victims by soliciting large lump-sum amounts under the guise of heavy deposits. She promised to invest these funds into her ongoing construction sites in Naigaon and Palghar while securing rented accommodation for the investors," the official said.
Police said Verma allegedly presented the arrangement as a combination of a real estate investment and rental agreement. She reportedly assured investors that she would take responsibility for their monthly rent during the agreement period and would return the entire deposit after the lease expired.
The assurances allegedly helped her persuade victims to hand over substantial amounts of money.
Rent payments allegedly stopped after a few months
According to the police, Verma initially paid the monthly rent as promised for the first few months. She allegedly stopped making the payments later and subsequently disappeared with the money invested or deposited by the victims.
"She assured them that she would personally pay the monthly room rent throughout the agreement period and return the full deposit amount once the lease expired," the official said.
The police official said Verma's initial compliance with the rental arrangements helped establish trust among the victims. However, after she allegedly stopped making payments, the victims began to realise that they had been deceived.
"To gain the victims' trust, she paid the monthly rent for the first few months before abruptly halting payments and absconding with the capital," the official added.
Complaint leads to cheating case
The case came to light after Anand Mataprasad Gupta, who runs a stationery shop, approached the police and complained that he had allegedly lost Rs 3.51 lakh in the transaction, reported PTI.
Based on Gupta's complaint, the Navghar police registered a case against Verma on August 29. She was booked for cheating, criminal breach of trust and other offences under the Bharatiya Nyaya Sanhita, the official said.
The complaint prompted police to investigate whether other people had entered into similar arrangements with Verma and suffered financial losses.
Police say 19 people were allegedly cheated
The investigation subsequently revealed that the alleged fraud involved multiple victims and a substantially larger amount than the loss reported in the initial complaint.
"She was held on September 4 after being on the run. A probe confirmed that Verma cheated a total of 19 individuals out of Rs 1,36,81,000," he said.
Police said the alleged victims included people who were looking to rent accommodation, invest in property and enter into arrangements involving property deposits.
The investigation is continuing to establish the full extent of the alleged fraud and determine how the money collected from the victims was used.
Probe continues into property-related fraud
Verma was arrested after allegedly remaining on the run following registration of the case. Police are now examining the transactions involving the 19 alleged victims and the claims made to them regarding construction projects and rental arrangements.
(With inputs from PTI)
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