₹17.5-crore real estate fraud in Bengaluru: directors booked

₹17.5-crore real estate fraud in Bengaluru: directors booked
A ₹17.5-crore real estate fraud in Bengaluru has come to light, with city police booking the directors of a private firm for allegedly cheating a property owner in Banashankari 2nd Stage.
According to police, the accused had agreed to purchase a property measuring about 16,990 square feet. As part of the transaction, they issued four cheques towards payment. However, all the cheques later bounced, raising suspicion and prompting the complainant to approach the police.
Investigators said the complainant had entered into the deal in good faith, based on assurances given by the firm’s directors. When repeated attempts to recover the money failed, a formal complaint was lodged.
A case has been registered under relevant sections related to cheating and criminal breach of trust. Police officials said they are examining financial records and transaction details to determine whether similar complaints exist against the accused.
Preliminary inquiries suggest that the firm may have made commitments without sufficient funds to honour the deal. Police said notices would be issued to the directors for questioning. The ₹17.5-crore real estate fraud in Bengaluru highlights growing concerns over due diligence in high-value property transactions. Police advised buyers and sellers to verify financial credentials before finalising agreements.