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Three realtors hailing from Chennai were apprehended by the Tirupur crime branch police on Saturday on charges of swindling two individuals out of 2.22 crore. The arrests were made following a complaint filed by S Prakash, a 43-year-old realtor from Tirupur, on May 27, 2022.
According to the police, Prakash alleged that Jaganathan from Periyapalayam and Jayaram from Koolipalayam, both realtors, had informed him about a 2.47-acre plot available for sale in Periyapalayam. They claimed that the land belonged to M Shanmugasundaram from Vijayapuri Village in the Erode district. However, they disclosed that the original land documents were missing, with the owner possessing only a copy of them.
Motivated by the prospect, Prakash, along with his associate K A Sangeetharajan, decided to purchase the land. On May 11, 2022, the deed was registered at the Uthukuli sub-registrar office, accompanied by documents evidencing monetary transactions totaling 1,22,79,000. Additionally, a cash payment of 1 crore was handed over to Jaganathan and Jayaram.
A police official stated, that Jaganathan and Jayaram enlisted the assistance of three other realtors from Chennai, namely R Parthasarathy (71) from Meenambakkam, G Balasubramaniam (39), and K Rangaraj (41) from Madambakkam. Parthasarathy impersonated the genuine landowner, Shanmugasundaram, during the completion of the transactions. It was only when Prakash attempted to erect a fence around the property, that the real Shanmugasundaram presented the legitimate documents, thus exposing the fraud.
Subsequently, Jaganathan and Jayaram were arrested in June 2022, but they secured conditional bail. However, on Saturday, the three individuals involved in the fraudulent scheme were apprehended in Chennai. They were produced before the Tirupur judicial magistrate court -2 and subsequently remanded in judicial custody, confined to the Tirupur district jail.
As part of the investigation, the police also froze a total of 40 lakh found in the bank accounts of the arrested individuals. Authorities have formed a specialized team to apprehend three other individuals associated with the case.
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