Pune Man Arrested for Allegedly Defrauding Buyers of Rs 100 Crore in Property Scam

Mumbai, 30th September 2024: A 35-year-old Pune resident, Sandesh Jawale, was taken into custody by Bandra Kurla Complex (BKC) police on Saturday, accused of defrauding several individuals out of nearly Rs 100 crore over the past four years. Jawale is believed to have orchestrated a large-scale scam by exploiting his knowledge of online property auctions conducted by banks.

Jawale allegedly targeted individuals looking for real estate deals in Mumbai, promising them properties that had been repossessed by banks due to loan defaults. These properties were offered at prices significantly lower than the market value, luring unsuspecting buyers into the scheme.

An officer from the BKC police station explained Jawale’s tactics: “He attracted people with the opportunity to purchase residential and commercial properties at heavily discounted rates. In some cases, he even secured loans on behalf of the buyers, but instead of using the funds for the intended property transactions, he misappropriated the money for personal use.”

Jawale’s scheme began to unravel when he allegedly defrauded a Mumbai resident of Rs 50 lakh by showing him a commercial office space in the Bandra Kurla Complex. After receiving the money, Jawale disappeared without completing the transaction.

The complaint triggered an investigation overseen by DCP Manish Kalwaniya (Zone VIII), who led a team that uncovered Jawale’s operations. Authorities obtained details about his company, ‘Quick Deals,’ from the Registrar of Companies. The firm, which specialized in real estate transactions, served as a front for Jawale’s fraudulent activities.

According to police, Jawale collected payments from buyers through online transfers into his company’s account. “Instead of forwarding the funds to the bank for property purchases, he diverted the money for his own purposes,” said a police officer involved in the case. Jawale reportedly gained access to keys for the repossessed properties, allowing him to show them to potential buyers and collect advance payments before disappearing.

Investigators are now looking into whether Jawale had assistance from any bank employees, as there are suspicions that he may have had inside help in executing the scam. Further investigations are ongoing.