Hundreds of Bengaluru residents duped by property firm in ₹50 crore lease scam: Report

The victims approached the deputy commissioner of police (Electronic City) on Tuesday, urging immediate action against the firm.

Bengaluru police have arrested three individuals in connection with a massive property leasing scam that has reportedly duped residents of over ₹50 crore.

Police have confirmed that multiple FIRs have been filed. (HT photo)

The accused, all agents of a property management company, allegedly misled tenants while keeping property owners in the dark, leaving hundreds of families in financial distress.

Three men, Ramana, Naveen, and Sudhir, have been taken into custody for their alleged roles in orchestrating a large-scale property leasing fraud in Bengaluru. The prime accused, Vivek Keshavan, who owns Catena Homes India Private Limited, remains at large. The company operates out of Electronic City.

According to a report by Indian Express, hundreds of victims approached the deputy commissioner of police (Electronic City) on Tuesday, urging immediate action against the firm.

Investigations reveal that Catena Homes presented itself as a bridge between tenants and property owners. While residents were promised houses on lease, property owners were under the impression that their properties were being legitimately rented out.

Many victims, predominantly migrants, had paid between ₹20 lakh and ₹50 lakh to lease homes in areas including Marathahalli, Banaswadi, Whitefield, and Electronic City.

A police officer explained that the firm faced financial strain during the COVID-19 lockdown when numerous tenants returned to their home states.

Swapna, one of the affected tenants, recounted her experience, “We found Catena on nobroker.com and paid ₹20 lakh for a 2BHK on a two-year lease. Recently, the house owner demanded we vacate the property. I tried contacting Vivek and his team for a refund, but they were unavailable. Now my ₹20 lakh is stuck, and the owner is forcing us to leave.”

Police have confirmed that multiple FIRs have been filed, and investigations are ongoing to trace the absconding owner and recover the defrauded amounts.