In a major real estate fraud case, M. Thangaraj, a 61-year-old realtor from Varanasipalayam Pirivu, Tirupur, was arrested on Saturday by the Rathinapuri police in Coimbatore. Thangaraj, who ran a real estate firm called Gokulam Gardens in the areas of Tatabad, Irugur, and surrounding regions, allegedly cheated more than 35 people to the tune of Rs 70 lakhs.
The scam, which spanned over two decades, revolved around Thangaraj’s monthly installment schemes to purchase lands in and around Coimbatore, Tirupur, and Erode districts. He advertised these schemes through newspapers and social media, encouraging people to invest in properties. Thousands of people enrolled, with many believing they would eventually own land in exchange for their monthly payments.
However, M. Prasannakumari, 44, a resident of Cheran Maa Nagar in Coimbatore, became one of the key victims of the fraud. In 2012, she and several others joined the scheme for land at Neelipalayan near Punjai Puliyampatti in Erode district. Prasannakumari paid Rs 3.71 lakh for the land, but the property was never registered in her name, and she never received a refund of her invested amount.
As the victims’ complaints piled up, they collectively reported losses amounting to Rs 70 lakhs to the Rathinapuri police, leading to an investigation. Following the complaints, police registered a case against Thangaraj under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code (IPC).
On Saturday morning, the police arrested Thangaraj and seized a Jaguar luxury car from his possession. Along with Thangaraj, the police have also booked Nagaraj, the firm’s manager, who remains absconding.
The police have launched further investigations into the scam and are working to identify more victims. Authorities urge individuals who may have been duped by the Gokulam Gardens schemes to come forward and file complaints.
As the case unfolds, the arrest of Thangaraj has raised awareness about the growing number of real estate scams targeting unsuspecting investors.