Beware of online property frauds

Cyberabad Police advices people to beware of online property frauds while buying or investing

Hyderabad: There is no shortcut to get rich. And if someone is offering you easy money, think twice, think hard. Advertisements, mostly online, are galore these days of get-rich-quick investment schemes. And now, real estate is also being offered on discount, with the reality, according to the police, being that all these are traps set carefully to trick those looking for easy money.

A couple of ways which the fraudsters use to attract people on social media platforms include investment offers which make you rich quick, claiming it can turn you into a property millionaire, offering the opportunity to buy properties at a discount that is yet to be built and so on.

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“People, mostly well-educated, too are getting cheated as they think property investment any day is a way to get rich quickly. So, they invest some, at times maybe all of their hard-earned savings, and end up cheated,” said an official from the Cyberabad Cybercrime Cell.

What they are unaware of and are not told is that in most cases, the land is either agricultural or derelict. In many cases, it is not even suitable for development, or is bound to have planning permission refused. As a result, you may lose all the money you invest.

“In some incidents, fraudsters trap people with buy-to-let fraud, where they offer to source, renovate and manage properties, claiming good rental income,” the official said.

The police observed that in some cases fraudsters often select properties where there is no mortgage or the owner lives elsewhere, to convince the victim. They may at times try to acquire ownership of a property either by using a forged document by impersonating the registered owner.

Officials say people should not just blindly believe, but ask for references of people who invested in such properties and try talking to many people. “Never make investments without thorough research. Find out where the land is. Physically check it before investing or buying it. Confirm whether planning permission has been applied for or granted. If not, what are the prospects of securing it,” police officials said, adding that one should not invest until detailed plans for the property development is verified.

The police have requested people investing in such properties to make sure of all documents and save paperwork about the transactions and notes of any phone conversations.

“Be very careful of mails claiming great returns, no matter how good they look. Check out the company first. Does it have a proper street address and landline number?” they said.

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