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An Ahmedabad egg trader alleges that two men cheated him of ₹5 lakh through a flat mortgage offer in Narol, police said.
How Did the Alleged Fraud Begin?
A 26-year-old egg trader from Ahmedabad’s Narol area has filed a police complaint alleging that two men collected ₹5 lakh from him after promising to mortgage a residential flat for 11 months and 29 days but failed to hand over possession.
The complainant, Mohammad Faizan Abdulmajid Memon, lives with his family at Shrinivas Compound in Memon Colony, behind Cozy Hotel on Narol Road. He was looking for accommodation through a rental or mortgage arrangement when he discussed his requirements with an acquaintance named Hinaben.
Hinaben introduced him to Mushtaq Sheikh, a Narol resident, who subsequently arranged a meeting with Sarfaraz Ibrahimbhai Sheikh of Kumbhar No Dahelo in Dariapur.
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What Was Promised in the Mortgage Agreement?
According to the complaint, the two men showed Memon Flat No. B/502 at Star Residency in Narol and offered to mortgage the property for ₹5 lakh for 11 months and 29 days.
A notarised agreement was subsequently executed at Bhadra Court. As part of the arrangement, Memon allegedly paid Sarfaraz Sheikh ₹1 lakh in cash and issued two cheques of ₹2 lakh each from his IDFC Bank account, bringing the total payment to ₹5 lakh.
Despite receiving the money, the accused allegedly continued postponing the handover of the property on various pretexts. The complainant maintained that he had fulfilled his financial obligations under the agreement but was unable to obtain possession.
Why Did the Trader Approach Police?
On May 22, Sarfaraz allegedly informed Memon that the flat had already been mortgaged to another person. He reportedly assured the complainant that the money would be returned.
However, despite repeated attempts to recover the payment, Memon allegedly received neither a refund nor possession of the property. He subsequently approached Narol police station and lodged a complaint against the two men.
Police registered the complaint and initiated an investigation into the circumstances surrounding the mortgage arrangement and the alleged financial deception.
Are Other Similar Complaints Being Investigated?
The complaint has also raised allegations that the same two men collected money from two other individuals by offering similar flat mortgage arrangements.
Investigators are examining whether the accused used comparable promises to obtain payments from multiple people without fulfilling their commitments. Police are investigating these allegations alongside Memon’s ₹5 lakh complaint to establish whether the transactions were connected and whether other individuals were similarly affected.
The investigation will determine the circumstances surrounding the disputed property arrangement, the payments received and the allegations against the two men.
