EOW Registers Fraud Case Against Fairmount Realtors
According to the complainant, Fairmount developers approached him in December 2023 showing interest in purchasing 3 acres 35 guntas in Survey No.54(e) at Ramathapur village in Shankerpally mandal.
Hyderabad: Cyberabad Economic Offences Wing (EOW) on Monday registered a case against Fairmount Builders and Developers and its partners Shahazim Hameed, Sarfaraz Hussain Ali Lakhani, Fareed Gilani, and Sahil Noorani for a Rs.8.15-crore real estate fraud.
According to the complainant, Fairmount developers approached him in December 2023 showing interest in purchasing 3 acres 35 guntas in Survey No.54(e) at Ramathapur village in Shankerpally mandal.
After negotiations, the realtors entered into an agreement of sale with the complainant, who is the land owner, on January 6, 2024 for a total consideration of Rs.9.68 crore. Out of this, Rs.1.53 crores was paid in cash, while Rs.6.50 crores was to be adjusted by allotting commercial shop units in Fairmount projects at Kompally, including Fairmount Square and Fairmount Midtown.
The balance amount of Rs.1.65 crore was to be paid within two months. Based on the understanding, the complainant executed a registered sale deed on February 1, 2024, transferring ownership of the land to Fairmount Builders and Developers. In return, the realtor was required to register multiple commercial shop units in favour of the complainant within two months from the date of the agreement, but he failed to keep the promise.
According to the complainant, the accused neither registered the promised commercial properties nor cleared the pending balance amount despite repeated follow-ups for over 10 months. The complainant alleged that individuals who signed agreements had no authority to represent the firm and that forged signatures were used on documents.
The land owner also alleged that instead of honouring the agreement, the accused executed agreements in favour of third parties for the commercial units, thereby creating third-party rights with the sole intention of cheating.
When the complainant visited the firm’s office at Banjara Hills seeking registration of the properties, the land owner claimed that he was threatened with dire consequences. It was further stated that one of the partners had left the country and was residing abroad, while others avoided communication and even threatened him with dire consequences.
