Overseas Pakistani property fraud Karachi?
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Over the years, many foreigners in Karachi have lost millions of rupees through the purchase of Pakistani property, mostly by Pakistani citizens. This is due to the rampant and insidious fraud being committed on them. They purchase property for a relatively lower price, often paying a down payment of a few percentages, which they cannot afford to pay for, or simply hand over the documents in return for empty promises, such as “we will get the ownership within two to three months”. If they do not get the ownership in this time, they
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Bloody hell Karachi is a world in itself. The city is so overpopulated that one feels like a starving animal. read review People are forced to work in the streets or take a backward route for employment. The government is so lazy and inefficient that it seems they don’t even know how to collect taxes. And the city is home to many Pakistani property owners who have been duped by a notorious real estate fraud scheme. They are lured with glittering showcases only to learn later that their property has been st
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Overseas Pakistani property fraud is the big one in Karachi. This has been going on for a long time, since early 2010, I’ve seen cases of fraud being used to sell properties through offshore firms, to foreigners, and to people abroad. The first case was the one that made headlines in the media, in early 2010. Two brothers, one based in Dubai, and the other in Pakistan, bought a 6-bhk (6000 square feet) house in
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Over the past few years, Karachi has seen a rise in property fraud cases with an increasing number of Pakistani property buyers who lost their hard-earned money to fraudsters in foreign land. look at here This trend can be attributed to several reasons. Firstly, Pakistani property investors often opt for foreign property purchases due to the lack of trust and credibility in the country’s housing market. Secondly, the bribery culture in Pakistan makes it easy for fraudsters to prey on Pakistani investors, making them
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In Karachi, Overseas Pakistani property fraud is rampant. It’s an industry of people living in Pakistan illegally or those overstaying their visas by stealing properties from home-owners with whom they contracted the lease. In recent times, there has been no less than 12 property frauds in Karachi which have cost people’s money, and the fraudsters have been arrested. Here’s a report on one such fraud, which was a huge success: An illegal house has been
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I have been practicing Law in Karachi for the past 24 years and have been aware of overseas Pakistanis scams. I got personal experience from one such scam. One Overseas Pakistanis called me and wanted me to buy property in Dubai for him. The property deal was so complicated and I got scammed by his false promise that he would buy this property for Rs. 20 lac. I was told that the property will be delivered to the customer in 5 days. However, I did not receive any delivery of the property
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The overseas Pakistani property market in Karachi has always been known as one of the hottest markets globally, and one of the most sought after, owing to the fact that the rental rates in Karachi are high. But the recent times have seen a surge of property fraud in Karachi, and the overseas Pakistani investors are now finding it challenging to buy a property, or even to rent one, owing to the fraud that exists in the market. Here are a few such examples of property fraud
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I was the sole lawyer for one of the biggest real estate projects in Karachi. The fraudsters cheated me, and the matter was heard in the Karachi High Court. In front of the Hon’ble Judge, a Pakistani lady was present, who had been tricked into parting with lakhs of rupees. Her husband was arrested, but the fraudsters disappeared. I then wrote about how the courts and government agencies have not been able to put a stop to the problem. It’s as bad as it was 20