Cyber fraudsters increasingly targeting real estate agents

HYDERABAD: Cyber fraudsters seem to have found new victims in realtors and agents involved in buying, selling and developing of lands in the outskirts of the city. These criminals, according to police sources, are increasingly targeting these land dealers and their modus operandi is quite unique. They collect the information on lands and contact details of the land owners from newspaper ads and other sources and then approach realtors, expressing their desire to sell lands. 

Pretending to be interested in buying the property, they call up the land owners, collect details of their the lands and also procure a copy of the land documents. Using these details and the copies of the documents, they gain confidence of the realtors and collect money from them under the pretext of selling them their lands. Several victims from rural areas of Rachakonda police commissionerate who lost money to fraudsters approached the Cybercrime police.

According to police sources, these fraudsters get in touch with land owners and introduce themselves as builders interested in developing gated community ventures. After a series of conversations over land price and other issues, they gain confidence and ask the owners to send a copy of the land documents in order to check the revenue records for any pending litigations.

After that, the fraudsters, posing as land owners, approach realtors and their agents. Saying they in urgent need of money, request the realtors to settle a deal even for half the price. 
Police found that in most cases, the realtors do a thorough background check of the property, but fail to meet the owner in person. 

Cops caution realtors
Stating that any financial transaction without meeting the seller or the owner in person invariably leads to getting cheated, the police officials warned citizens against falling prey to such cyber fraudsters