KOCHI: Waterfront properties, especially near the Bolgatty Palace, are the most in demand among real estate majors. Cashing in on that, a real estate racket has siphoned off crores from a Malappuram resident after claiming to be in possession of a huge tract of land near the palace on the Goshree Island.
The activities of the racket came to light after Ummar, 56, of Perinthalmanna, approached the police with a complaint that he was duped of Rs 3.98 crore. Those behind the racket told him that they were the owners of a firm, Vembanad Waterways, which was in possession of 1.28 acres of waterfront property near Bolgatty Palace. On January 10, the Ernakulam Central police registered a case against another Malappuram resident, Muhammed Babu, 49. As per the FIR, the accused forged title deeds and other related documents to convince Ummar and entered into a deal to sell the property for Rs 24 crore.
The police said the accused collected Rs 3.98 crore as advance on different occasions. But when Ummar realised that he was being duped, and the real owner of the property was someone else, he demanded the accused return the money.