Man booked for Rs 3.75 crore property fraud in Jammu

Jammu, Jul 8: The Economic Offences Wing of Jammu Crime Branch initiated an investigation into an alleged Rs 3.75 crore property fraud here on Wednesday, an official said.

A case has been registered against Pieary Lal Koul, a resident of Channi Deeli, after a Jammu-based doctor charged him with cheating and criminal breach of trust during a property sale, a crime branch spokesperson said.

According to the doctor’s complaint, he had entered into a sale agreement with Koul for the purchase of a plot with a house at Channi Deeli for a consideration of Rs 3.75 crore, and also paid a token amount.

Later, he discovered that the property had been mortgaged with a bank despite Koul representing it as free from encumbrances.

Upon Koul’s assurance, the doctor cleared the outstanding bank liability and thereafter paid the rest of the amount through bank transactions and cash.

However, even after the passage of a considerable period of time, the property was not registered in his name nor was he given possession of the property, the complaint said.

Taking cognisance of the complaint, the Economic Offences Wing has registered an FIR under relevant provisions of the Bharatiya Nyaya Sanhita and initiated an investigation into the matter, the spokesperson said.

He said the investigation would examine the sale agreement, bank records, financial transactions, receipts and other documentary evidence. (PTI)