Property frauds worth Rs 1600 crore in Maharashtra!

Do you know property frauds worth Rs 1600 crore are reported in Maharashtra? As per National Crime Records Bureau (NCRB), Maharashtra comes second in terms of realty fraud in the country. Delhi of course tops the list of property fraud cases. In Delhi, as per the around 181 cases of loss of property were reported during the year 2013. The worth of properties is estimated to be around 3,000 crore.

Maharashtra came a close second with 176 cases of fraud worth 1,600 crore and Punjab reported 82 cases of realty fraud worth 500 crore cases.

At least eight cases were for loss of property under the category criminal breach of trust. These were for properties worth 1 crore to 10 crore. Under the category of cheating, there were 102 cases for properties worth 1 to 10 crore, 43 cases of cheating for properties worth 10 to 25 crore and 22 cases of cheating for properties worth 25 to 50 crore. There were three cases of cheating for properties worth 50 to 100 crore and three cases for properties above 100 crore. Citing a sample fraud case, a NCB official told newsmen he said one Sameer Pande, an investor, booked two apartments in an under construction building through a broker in 2012, who promised him a 2% commission which helped Pande maintain cash flows in the short term. However, instead of getting a proper letter committing the 2% commission, Pande got a bogus note, which should have warned him of the broker’s premeditated intention to cheat. The case is currently with the Economic Offences Wing.