Narol Trader Cheated of ₹5 Lakh on Pretext of Mortgaging Flat
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
A 26-year-old egg trader from Ahmedabad’s Narol has allegedly been cheated of ₹5 lakh by two men who promised to mortgage a flat to him for 11 months and 29 days but failed to hand over its possession.
The accused allegedly signed a notarised agreement at Bhadra Court and accepted ₹1 lakh in cash and ₹4 lakh through two cheques. However, the trader later learnt that the same flat had allegedly been mortgaged to someone else.
After repeated attempts to recover his money or take possession of the property failed, the trader approached Narol police. A complaint has been registered against the two men, and an investigation is under way.
Acquaintance introduced trader to the accused
The complainant, Mohammad Faizan Abdulmajid Memon, 26, lives with his family at Shrinivas Compound in Memon Colony, behind Cozy Hotel on Narol Road. He runs an egg business and was looking for a house to rent or obtain through a mortgage arrangement.
Memon discussed his requirement with an acquaintance named Hinaben, who introduced him to Mustaq Sheikh, a Narol resident. Mustaq later arranged a meeting with Sarfaraz Ibrahimbhai Sheikh, who lives at Kumbhar No Dahelo in Dariapur.
The two men showed Memon Flat No. B/502 in Star Residency, Narol, and offered to mortgage it for 11 months and 29 days in return for ₹5 lakh. They subsequently signed a notarised agreement at Bhadra Court.
Accused allegedly failed to hand over flat
As part of the deal, Memon paid Sarfaraz Sheikh ₹1 lakh in cash and issued two cheques of ₹2 lakh each from his IDFC Bank account, taking the total payment to ₹5 lakh.
However, the accused allegedly kept delaying the handover of the flat on various pretexts. On May 22, Sarfaraz reportedly told Memon that the property had already been mortgaged to another person and assured him that his money would be returned.
Despite repeated follow-ups, Memon neither received a refund nor got possession of the flat. He then filed a complaint at Narol police station.
Two other people allegedly approached in similar deals
The complaint has also brought to light allegations that the two men collected money from two other people by making similar promises to mortgage flats.
Police are investigating these allegations along with the ₹5 lakh complaint to establish whether the accused used the same arrangement to cheat multiple people.
