Senior citizen alleges property scheme involving NRI in Moinabad, HC grants interim relief
Hyderabad: In a shocking case of financial fraud, a retired professional has alleged that an Indian-origin British national and multiple bank officials orchestrated a sophisticated property scam. Cyberabad police have registered a case and initiated an investigation into the allegations. Refuting these allegations, the counterparty approached the Telangana High Court to quash the FIR and secured interim protection.
The complainant Mustafa Ali Mujahed, 59, claims that Manikonda Kishore Kumar, a British-Indian, and his associates deceived him. They tricked him into giving up his 1,068-square-yard property in Yenkapally Village, Moinabad Mandal, Rangareddy District.
After working in Dubai for 23 years, Mustafa returned to India in 2009 and settled in Attapur. In 2016, he and his wife purchased and built a G 1 house on the property, where they lived until 2024. Mustafa faced financial issues regarding his children's education in the UK. So, in 2021, he sought an education loan from Axis Bank and Indian Overseas Bank (IOB). Both banks rejected his application, citing restrictions under G.O. 111, which prohibit certain financial transactions on the land.
In 2021, Mustafa was approached by Ravi, a bank employee, and Varma, a bank agent, who introduced him to Kishore. Claiming to be an NRI, Kishore assured Mustafa that he could secure a loan using his property as collateral. When this failed, Kishore suggested an alternative: transferring the property ownership to him for a limited time to qualify for an NRI purchase loan. Kishore promised to pay the EMIs, replace the property with a similar one in Guntur, and re-register it in Mustafa’s name after the loan was repaid.
Accused obtained a loan from a bank in Andhra Pradesh: Complainant
Trusting these assurances, Mustafa executed a sale deed in favour of Kishore on July 26, 2022, for a reported Rs. 5 crores. However, he only received Rs. 40 lakhs, which Kishore coerced him to transfer to Varma. The sale deed falsely claimed Kishore had paid Rs. 1.76 crores via RTGS and cheques, which Mustafa says never occurred. Further, the deed mentioned fake cheques, and no payments were credited to Mustafa’s account. The bank sanctioned the high-value loan without verifying his identity or documents. Kishore remains untraceable, raising concerns about identity fraud.
Mustafa alleges collusion between Kishore, Varma, and some bank officials. They failed to conduct due diligence. He accuses the group of forging documents and misrepresentation. Their actions caused a fraudulent transfer of his property. The Cyberabad police have booked a case and are investigating the scam. The incident has caused Mustafa and his family great distress. They lost their hard-earned property to fraud.
British National counters accusations, claims legitimate property purchase
Meanwhile, Kishore Kumar refuted these allegations and said that he is the absolute owner of a plot that was in contention at Yenkapally, purchased the same through a Registered Sale Deed in 2022 from Mustafa Ali Mujahid and his wife, Syeda Kulsum Fatima. They have acknowledged receipt of the entire sale consideration of Rs. 5 crore. Out of the said sale consideration, he reportedly obtained a housing loan from Indian Overseas Bank to the tune of Rs. 3.24 crore.
Further, Kishore Kumar filed a criminal petition before the High Court of Telangana, seeking quashing of the FIR registered by the Cyberabad Police. After hearing the matter, the High Court reportedly found a prima facie case in Kishore Kumar's contentions and granted an interim order in March 2025, directing that no coercive or precipitative action shall be taken against Manikonda Kishore (Accused No. 1), and the said order has been extended ever since.