Conman offers flats at 50%, makes millions

Fraudster used fake bank ID card, slips up while issuing cheques, and is on the run now

Conman offers flats at 50%, makes millions

Fraudster used fake bank ID card, slips up while issuing cheques, and is on the run now

A conman claiming to secure flats to bidders at throwaway prices has been on the prowl, duping businessmen in the city.
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Cops estimate that the fraud he committed could well run into several crores of rupees and its victims are unsuspecting clients and businessmen.

The fraudster also offered to share the database of properties that would come up for bidding at half the market price

The scheme unravelled when the impostor, Sanjay Pande, a former agent of ICICI Securities, approached an Andheri-based businessman with the offer of getting him four flats in Nalasopara.

The flats, each measuring 540 sq ft and costing Rs 5 lakh - nearly half the market rate - were up for bidding.

The unsuspecting businessman, Dharmesh Pandya, who owns jewellery manufacturing units, paid Rs 20 lakh for four flats, and an additional Rs 18 lakh for group bidding, which Pande said would be returned later.

Pande allegedly even told his victims that he would provide them with the entire database of the properties that would come up for bidding in advance, and they could choose from the lot. He even flashed his ICICI identity card to convince the businessman of his credentials.

"Pande told us that we could opt for group bidding and select our own candidates to keep out competitive bidders," said Nilesh Kandalgaonkar, who works with Pandya.

Pandya smelt a rat when the money returned to him was from Pande's personal bank account, whereas he had issued the cheques to the latter in the name of ICICI Securities.

"We knew something was amiss and rushed to the branch office to register our complaint," said Kandalgaonkar.
They then approached the Andheri police station to file a case against Pande.

"We are enquiring into the matter and an FIR is underway. Pande appears to have cheated several people," said Shivajirao Deshmukh, senior police inspector.

Senior police officials said that Pande was called in for questioning on Monday. But fearing arrest, he gave cops the slip and is untraceable now.

The Other Side
Charu Deshpande, public relations officer of ICICI Limited, the parent company of ICICI Securities, said that Pande was impersonating as an agent of the company. "He was employed with ICICI securities. But he quit his job six months ago. He is a fraudster and is cheating people," said Deshpande.