54 victims lose ₹4.5 crore in property fraud

At least 54 investors have lost around ₹4.5 crore in a property fraud case in Madannapet, Hyderabad, according to an investigation by the Hyderabad Central Crime Station (CCS). The victims were allegedly duped through overlapping agreements involving a single property, which was reportedly owned by Rashad-Ul-Khair and Mumtaz Begum.

Police stated that the accused were absconding, while Asma Begum, another suspect, was arrested on September 4 and taken into judicial custody. The property in question was a ground-plus-two-floor building with a penthouse at Darab Jung Colony, Madannapet. Prospective investors were lured with promises of financial gains and paid monthly rent for several months to maintain confidence in the transactions.

Property brokers were also involved, offering commissions to bring investors on board. The investigation began after a complaint was lodged by Nayeem Banu on July 11, leading to the transfer of the case to the CCS due to the number of victims and financial losses. Police advised individuals involved in property transactions to independently verify ownership, title, physical possession, and encumbrances with authorities before making payments.