Hyderabad police form special teams to probe Rs 4.50-cr property fraud

Hyderabad police have formed special teams to investigate an alleged Rs 4.50-crore property fraud involving 54 victims. The case concerns multiple sale and mortgage agreements executed for the same property in Madannapet, with the prime suspects currently absconding

Hyderabad: The Hyderabad police have formed special teams to investigate an alleged Rs 4.50-crore property fraud involving several dozen victims in the city.

The case was initially registered at the IS Sadan police station on July 11 based on a complaint by Nayeem Banu and was later transferred to the Central Crime Station (CCS), Detective Department.

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According to police, the gang targeted prospective buyers and investors by making false representations about a property in Darab Jung Colony, Madannapet, comprising a ground floor, two upper floors and a penthouse. The accused allegedly executed sale and mortgage agreements for the same portions with multiple persons, both with and without possession, while concealing earlier transactions.

To gain the confidence of victims, the accused allegedly paid them monthly rent for several months and used property brokers, offering attractive commissions to bring in more prospective victims and advertise the property.

Police said 54 victims have so far been examined and that the alleged fraud took place between March 8, 2021, and June 22, 2026. The total amount involved is estimated at Rs 4.50 crore.

The prime suspects, Rashad-Ul-Khair and Mumtaz Begum, are currently absconding.