The Central Crime Branch (CCB) has arrested J. Ignatius Thomas Suresh, a 59-year-old real estate businessman, in connection with an Entrustment Document Fraud (EDF). Suresh is accused of cheating a buyer of over Rs1 crore in a real estate scam involving apartments in Udhagamandalam.
According to the police, Suresh lodged a complaint with the Chennai Police Commissioner, explaining that he had seen an advertisement in a newspaper by Nathan Foundation, which claimed it was constructing and selling apartments in Udhagamandalam. The advertisement promised compensation for any delay in completion beyond eight months.
Suresh went on to pay Rs1.45 crore to purchase six apartments, which were to be registered under the names of his wife, brother-in-law, and two friends. However, the developer failed to meet the stipulated conditions, leading to the complaint of fraud.
The police investigation is ongoing, and the arrested businessman will face charges related to the fraud.