A single property in Madannapet was allegedly sold or mortgaged to multiple people through overlapping agreements, leaving at least 54 victims cheated of around ₹4.5 crore over five years, according to an investigation by the Hyderabad Central Crime Station (CCS).
Police said the prime accused, Rashad-Ul-Khair and Mumtaz Begum, are absconding, while Asma Begum, another accused in the case, was arrested on September 4 and remanded to judicial custody. Special teams have been formed to trace the two prime accused.
The case revolves around a ground-plus-two-floor building with a penthouse at Darab Jung Colony in Madannapet, which police said was in the possession of Rashad-Ul-Khair and Mumtaz Begum.
According to the CCS, prospective victims were induced to invest substantial amounts after being promised financial benefits. The accused executed agreements of sale and mortgage agreements, both with and without physical possession, for the same portions of the property with multiple people while concealing earlier transactions.
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