The city crime branch (CCB) arrested the managing director of a fake real estate firm on Thursday for cheating 19 prospective home buyers of 62.47 lakh.
Police identified him as T Chandran, 56, of Pallapalayam in Sulur. He launched Smart Home Developers in a rented building at Lakshmi Mills Junction in 2019. He had appointed Saravanakumar, Nagendran and Dharmendran as directors, and Premanandhini and Shiny Thomas as marketing executives.
The firm conducted social media campaigns to lure buyers looking for residential plots and new houses, a police officer said. “Elson K Joe, 35, of Vellalore in Coimbatore city, who saw the firm’s advertisement on social media, contacted the marketing executives and visited the office on April 28, 2022. He met Chandran and expressed desire to buy a new home. Chandran suggested he buy a house at Galaxy City in Kannampalayam for 31 lakh, pocketed 11 lakh from Elson on May 4 and issued a fake sale agreement.”
When the firm failed to handover the house, Elson lodged a complaint with the Race Course police.
Police registered a case against the six people under Section 120 B, 406 and 420 of the Indian Penal Code. Police arrested Nagendran and Dharmendran last year.
Meanwhile, the case was transferred to the CCB police. Inspector P Renugadevi arrested Chandran from Kannampalayam Pirivu on Thursday. He was lodged in the Coimbatore Central Prison. “Chandran and his employees cheated around 19 people of 62.47 lakh,” the officer added.
“A special team has been formed to nab Saravanakumar and Premanandhini. Shiny Thomas has obtained conditional bail.”