The Central Crime Branch (CCB) arrested a realtor who cheated over 300 houseowners and lessees.
The suspect has been identified as B.A. Nambi alias Arivu Nambi, 36, of Tiruchi. He had settled in Chennai and had set up full-fledged offices with swanky facilities under the name of Arul Group, engaging real estate brokers in St. Thomas Mount, Pazhavanthangal and on East Coast Road.
He also advertised his business in leading dailies and through other modes, calling houseowners to let out their properties.
Attracted by his advertisements, many houseowners contacted him, and soon, his company entered into rental agreements with several houseowners in Adambakkam, Madipakkam, Neelangarai and Thoraipakkam.
The modus operandi
Without informing the houseowners, he, however, leased out the properties to others for ₹10 lakh and ₹15 lakh and executed lease agreements.
Initially, he paid the rent promptly to the houseowners but later began defaulting.
“Moreover, he failed to refund the lease amount when the lessees cancelled the agreements or on the expiry of lease period. He cheated 168 houseowners and an equal number of lessees to the tune of ₹15 crore. He closed his three offices and vanished,” said an investigating officer.
After investigating the complaint lodged by Shanmuga Muthupandi and others, the CCB police arrested Nambi in Adambakkam, where he had launched a new office under another name.
He was remanded in judicial custody and lodged in Central Prison.