A realtor was arrested on Saturday for cheating more than 35 people to the tune of 70 lakh by floating a scheme for people to own parcels of land by making payment in monthly instalments.
The Rathinapuri police identified the arrested person as M Thangaraj, 61, of Varanasipalayam Pirivu in Tirupur district. They said Thangaraj’s manager Nagaraj was also booked in the case. However, he is still at large.
An investigation officer said Thangaraj was running a real estate firm named Gokulam Gardens at Tatabad, Irugur and a few more areas in Coimbatore for the past two decades.
“The firm announced various monthly instalment schemes for people to buy land parcels in Coimbatore, Tirupur and Erode districts. They also advertised the schemes in newspapers and on social media. Thousands of people joined the schemes and initially Thangaraj registered properties in the names of a few investors.”He said among the duped investors were M Prasannakumari, 44, of Cheran Maa Nagar in Coimbatore city, her elder brother Rajendran, and a few others who joined the monthly instalment schemes to buy land parcels at Neelipalayan near Punjai Puliyampatti in Erode district in 2012.
“Prasannakumari paid 3.71 lakh to the real estate firm. However, the firm failed to register any property in her name. The firm also did not return the invested amount. Like her, 35 victims lodged complaints with us against the real estate firm,” the officer said.
The Rathinapuri police registered a case against Thangaraj under sections 406 and 420 of the Indian Penal Code on Friday and arrested Thangaraj on Saturday morning. They also seized a luxury car from him.
