Fraud Alert: VBJ Capstone Builders Owner Arrested in High-Profile Real Estate Scam!

Hyderabad, May 6, 2024: The Hyderabad Central Crime Station (CCS) police arrested Kandula Venkata Prasad Gupta and his wife Anuradha, owners of VBJ Capstone Builders Pvt. Ltd., on Friday, May 6, 2024. The couple faces charges of cheating a customer in a real estate deal.

Mopidevi Mahalakshmi, a resident of Lakeview Residency in Sainikpuri, filed a complaint against the builders. According to the complaint, Mahalakshmi purchased a plot at Laxmi Nagar Colony Welfare Society in Kapra village from VBJ Capstone Builders. The company allegedly provided her with fabricated ownership documents after collecting a sum of ₹12.35 crore over a period starting in 2019.

Modus Operandi Under Investigation

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The details of the alleged fraud are still under investigation. The police are looking into how the company managed to collect such a large sum of money without transferring the rightful ownership to Mahalakshmi. Additionally, they are investigating whether there are other victims of similar scams by VBJ Capstone Builders.

Advice for Potential Homebuyers

This incident serves as a stark reminder for potential homebuyers to exercise caution during property transactions. Here are some steps to take to safeguard yourself:

• Verify land ownership documents: Always insist on verifying the authenticity of all land ownership documents provided by the builder. This can be done through the local authorities.
• Engage a lawyer: Seek the advice of a qualified lawyer specialising in real estate law. They can review the sale agreement and ensure all legal aspects are covered.
• Beware of unrealistic deals: If a property seems too good to be true in terms of price or location, it probably is. Conduct thorough research on the property and surrounding area before committing.

The CCS police urge anyone who may have been a victim of similar fraudulent practices by VBJ Capstone Builders to come forward and register a complaint.

A Call for Transparency in Real Estate

This arrest highlights the need for increased transparency in the real estate sector. The authorities are working on implementing stricter regulations to protect homebuyers from such scams. However, vigilance remains crucial on the part of potential buyers as well. By following the recommended steps and conducting thorough due diligence, individuals can minimise the risk of falling prey to real estate fraud.

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