Coimbatore Land Deal Turns Sour: Businessman Alleges ₹60 Lakh Fraud, Two Booked
COIMBATORE: A proposed land deal worth several crores has turned into a police case in Coimbatore after a local real estate businessman alleged that he was cheated of ₹60 lakh by a property broker and a man who claimed to be an advocate.
The Thudiyalur police have registered a case against the two accused following a complaint from V Jeganathan, 42, a resident of Cheran Nagar. Police have begun investigating the alleged financial fraud, the documents shown to the complainant and the circumstances surrounding the proposed property transaction.
According to the complaint, the accused have been identified as Saravanan, a real estate broker from Edaiyarpalayam, and Venkatachalapathy, a resident of Peelamedu who allegedly introduced himself as an advocate.
Promised to sell eight acres of land
Police said the two men approached Jeganathan with an offer to sell around eight acres of land in Sivaram Nagar near Ramanathapuram.
The duo allegedly told him that they had the authority to sell several valuable properties belonging to a person identified as Narayanasamy Naidu. They reportedly claimed that their authority to deal with the properties was supported by a will.
Jeganathan, believing the representations and relying on the documents shown to him, agreed to proceed with the transaction.
As part of the proposed deal, he allegedly transferred ₹10 lakh to Venkatachalapathy’s bank account on January 20. He later paid another ₹50 lakh in cash as advance towards the purchase of the property.
The total amount paid by the businessman allegedly came to ₹60 lakh.
Sale deed allegedly never executed
According to the complaint, the accused had assured Jeganathan that the sale deed would be executed within a month after the payment.
However, the promised registration allegedly did not take place. As time passed, Jeganathan reportedly began asking the two men about the delay and sought the return of the money he had paid.
The complainant alleged that despite repeated requests, the accused neither completed the sale transaction nor returned the ₹60 lakh advance.
The dispute reportedly continued for several months, with Jeganathan making repeated efforts to recover his money.
Dispute escalated over refund demand
The situation allegedly took a more serious turn on June 25, when Jeganathan confronted the two men and demanded that his entire advance amount be returned.
According to his complaint, the accused allegedly abused him using offensive language and threatened to kill him when he demanded his money back.
Jeganathan subsequently became suspicious about the authenticity of the documents that had been shown to him during the proposed land transaction. He alleged that he had been deceived through documents that he believed were forged or otherwise invalid.
Police begin probe
Following the complaint, Jeganathan approached the Thudiyalur police, who registered a case against the two accused and launched an investigation.
Investigators are expected to examine the documents presented during the land deal, details of the alleged will, bank transaction records and other evidence related to the ₹60 lakh payment.
Police will also look into the ownership of the land in question and verify whether the accused had any legal authority to sell the property.
The investigation will determine the exact nature of the alleged transaction and whether the documents used during the deal were genuine.
At this stage, the allegations remain part of the complaint and police investigation. Further legal action will depend on the evidence gathered by investigators.
The case has once again highlighted the risks involved in high-value property transactions, particularly when large sums are paid as advance before ownership documents and the seller’s legal authority are independently verified.
News source: Information for this article was gathered from a variety of reliable news outlets
