A fraudulent loan scheme posing as a real estate finance consultancy was dismantled by the Special Zonal Crime Team (SZCT) of the Central Crime Station (CCS) in Hyderabad. Authorities arrested three individuals, including the alleged mastermind, Jabbar Khan Munshi Khan, after uncovering a scheme that defrauded unsuspecting property owners under the pretense of facilitating bank loans. The officers detailed how the group exploited these victims by transferring ownership of their properties through counterfeit sale deeds.
Jabbar Khan, 36, operated a real estate business known as JK Financial Solutions in the Somajiguda area. His associates, Khureshi Javed Habibsab, 49, and Saddam Habibsab Kureshi, 34, were reportedly running a chicken shop. The investigation revealed that Khan’s method involved convincing potential loan seekers that their credit scores were inadequate. He then pressured them into transferring ownership of their properties, claiming this was essential to secure the necessary financing.
Once the properties were obtained through these fraudulent sale deeds, Khan would secure mortgage loans using their names. He ensured that the approved loan amounts were deposited into the original owners’ accounts but orchestrated a swift withdrawal of the funds using pre-signed cheques that he had obtained from the victims. After siphoning off the funds, Khan and his associates would neglect the subsequent Equated Monthly Installment (EMI) payments, leading to impending auction notices from banks. This left the original property owners legally dispossessed and in dire financial straits.
The case highlights a troubling trend in real estate fraud, particularly as unsuspecting individuals turned to scammers during times of economic uncertainty. It serves as a stark reminder of due diligence when engaging with financial services related to property. Hyderabad authorities continue to urge residents to verify the legitimacy of any consultancy they consider, especially those dealing with loans and real estate transactions.
As investigations proceed, the SZCT is committed to unraveling any additional networks associated with this operation, aiming to protect other potential victims from falling prey to similar scams. The authorities emphasize the importance of vigilance and staying informed about the risks of fraudulent activities in real estate finance.
This bust not only sheds light on such deceptive practices but also underscores the necessity for regulatory frameworks that better safeguard consumers in the financial sector. The case is ongoing, and more arrests may follow as police delve deeper into Khan’s operations.
Published – May 21, 2025 12:59 pm IST
Original Source: https://www.thehindu.com/news/cities/Hyderabad/three-held-in-hyderabad-for-duping-property-owners-on-pretext-of-securing-bank-loans/article69597913.ece
Category : Hyderabad
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Publish Date: 2025-05-21 12:59:00
