Investigators say the same property in Madannapet was sold or mortgaged to multiple people through overlapping agreements. Hyderabad police estimate the combined loss at about ₹4.5 crore.
The case concerns a building in Darab Jung Colony with a ground floor, two upper floors and a penthouse. Hyderabad Central Crime Station (CCS) said the property was in the possession of Rashad-Ul-Khair and Mumtaz Begum.
Police say prospective buyers were encouraged to invest with promises of financial returns. The accused allegedly signed multiple sale and mortgage agreements for the same portions of the property, with and without physical possession, while concealing earlier transactions.
Investigators say monthly rent was paid to some victims for several months to make the deals appear credible. Brokers were offered commissions to promote the property and find investors. Asma Begum, who lived in the third-floor penthouse, allegedly posed as a tenant in rental agreements shown to different victims.
The transactions under investigation took place from March 8, 2021, to June 22, 2026. Investigators have examined 54 victims and estimate their combined loss at about ₹4.5 crore. The case began after Nayeem Banu filed a complaint, and IS Sadan police registered it on July 11. It was later transferred to the CCS Detective Department because of the number of victims and the financial losses involved.
Asma Begum was arrested on September 4 and remanded to judicial custody. Provisions of the Bharatiya Nyaya Sanhita relating to forgery and the use of forged documents were added after her arrest. Rashad-Ul-Khair and Mumtaz Begum remain at large, and special teams have been formed to trace them.