The Central Crime Branch of Tambaram police have arrested a 50-year-old man who cheated several persons to the tune of several crores in the name of real estate business.
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The accused has been identified as S. Jagannathan, 50, of Medavakkam who made several crores by cheating, said the police. He had claimed to a complainant Shanmugam that he had 60 acres of land for sale by showing fabricated documents and allegedly took ₹65 lakhs as advance to sell that land. After receiving the advance, he sold it to a third party, the complainant alleged. The investigation into the complaint revealed that he had been involved in another cheating case.
The accused, Jagannathan, had entered into a joint venture agreement with Rajamani and Subramani for constructing houses on 21 cents of land in Guduvanchery for a consideration of ₹1.70 crore and he had paid ₹30 lakh to them. Without their approval, he had entered into construction agreements with 20 persons for building flats on the said land and took advance from them. He arranged home loans and took ₹8 crore. He failed to complete the construction of flats.
Similarly, he cheated a few others in Pallavaram and Hasthinapuram for failing to complete constructions even after taking money. Rajeshwari abetted him in offences. A special team of the police arrested Jagannathan and remanded him in judicial custody.