Two Held in Chennai for Rs 2.11 Crore Property Sub-Leasing Fraud

The Central Crime Branch of the Chennai city police arrested two promoters of a property management firm operating out of Valasaravakkam for allegedly defrauding tenants of approximately Rs 2.11 crore by sub-leasing 34 houses rented across the city and its suburbs.

The suspects were identified as Helen Rose, 59, of Thiruverkadu, and Premkumar, 50, of Chitlapakkam, who operated Imayam Homes Property Management.

According to police, the fraudulent operation came to light following a complaint filed by a victim, Fathima Beevi. In 2023, Beevi responded to an advertisement on OLX offering houses for rent and lease. She visited the firm's office in Valasaravakkam, where the promoters offered her a house owned by a person named Manikandan.

The suspects had rented the house under their firm's name and collected Rs 7 lakh from Beevi as a lease amount. When the promoters failed to pay rent to Manikandan, the property owner asked Beevi to vacate the premises. Beevi then approached the Greater Chennai Police Commissioner seeking recovery of her funds.

An investigation by the Entrustment Document Fraud Investigation Wing of the CCB revealed that the suspects had rented 34 houses from various owners in the firm's name and sub-leased them to prospective tenants. In total, they collected roughly Rs 2.11 crore through cash, bank transfers, and online payments.

The promoters neither paid the rents due to property owners nor returned the lease amounts to the tenants before closing down the firm and absconding. Following an investigation, the CCB team arrested both accused on August 21 and seized rental and lease documents from their possession.