Three held in Hyderabad for duping property homeowners on pretext of securing financial institution loans-OxBig News Network

A fraudulent mortgage racket masquerading as an actual property finance consultancy was busted by the Special Zonal Crime Team (SZCT) of the Central Crime Station (CCS), Hyderabad.

Three males, together with the mastermind, Jabbar Khan Munshi Khan, had been arrested for dishonest unsuspecting property homeowners underneath the guise of facilitating financial institution loans, and as an alternative transferring possession of the victims’ property by bogus sale deeds, stated an officer from the workforce.

Khan, 36, ran an actual property enterprise underneath the identify JK Financial Solutions in Somajiguda, whereas his associates Khureshi Javed Habibsab, 49, and Saddam Habibsab Kureshi, 34, had been operating a hen store.

Investigation revealed that Jabbar Khan’s modus operandi concerned convincing individuals looking for loans that their credit score scores had been inadequate. He would then coax them into transferring property possession to his associates, claiming it was essential to safe the loan.

After buying the properties by sale deeds, Jabbar would safe mortgage loans utilizing the brand new names, make sure the sanctioned quantities had been credited to the unique proprietor’s account, and swiftly withdraw the funds utilizing pre-signed advance cheques collected from the victims.

Once the funds had been siphoned off, Jabbar and his associates would default on EMI funds. With the mortgage unpaid, banks would proceed with public sale notices, leaving the unique homeowners legally dispossessed.