Research Paper - MN559990 - Batch35 - Word File

Forensic Accounting and Fraud Detection
Batch - 35
Research Paper on
“REALTY SECTOR FRAUDS”
CA Nisha Rani
Membership Number: 559990
Email: canisha.taneja@gmail.com
Pg. 1
Table of Contents
Role of Real Estate to India 3
Introduction 3
Real Estate as Investment Option 3
Government Initiatives to Real Estate 4
Real Estate Frauds 5
Introduction 5
Type of frauds 5
Parties to real-estate frauds 6
Buyers as fraud party 7
Sellers & Developers as fraud party 9
Government regulations 10
Role of RERA Act & Authorities 10
Role of Chartered Accountants 11
Scope of Forensic Auditor 11
Recent News 12
Bibliography and References 13
Pg. 2
Introduction
Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors -
housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth
in the corporate environment and the demand for office space as well as urban and semi-urban
accommodations. The construction industry ranks third among the 14 major sectors in terms of direct,
indirect, and induced effects in all sectors of the economy.
Realty Sector Growth:
In India, the real estate sector is the second-highest employment generator, after the agriculture sector. It
is also expected that this sector will incur more non-resident Indian (NRI) investment, both in the short
term and the long term. By 2040, real estate market will grow to Rs. 65,000 crores (US$ 9.30 billion) from
Rs. 12,000 crores (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach a market
size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13% to the country’s GDP by
2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-
needed infrastructure for India's growing needs.
Emergence of nuclear families, rapid urbanisation and rising household income are likely to remain the
key drivers for growth in all spheres of real estate, including residential, commercial, and retail. Rapid
urbanisation in the country is pushing the growth of real estate. >70-75% of India’s GDP will be
contributed by urban areas by 2020. According to India Ratings and Research (Ind-Ra), the Indian real
estate sector may stage a sharp K-shaped recovery in FY22.
Realty Sector as Investment Option:
Indian real estate sector has witnessed high growth in the recent times with rise in demand for office as
well as residential spaces. Indian real estate attracted U$ 5 billion institutional investments in 2020,
equivalent to 93% of transactions recorded in the previous year. Investments from private equity (PE)
players and VC funds reached US$ 4.06 billion in 2020. The real estate segment attracted private equity
investments worth Rs. 23,946 crores (US$ 3,241 million) across 19 deals in Q4 FY21. Investments in the
sector grew 16x compared with Rs. 1,470 crores (US$ 199 million) in Q4 FY20. In value terms, these
investments were 80% of that in 2020 and 48% of 2019, according to a report by Knight Frank.
Pg. 3
Exports from SEZs reached Rs. 7.96 lakh crore (US$ 113.0 billion) in FY20 and grew ~13.6% from Rs.
7.1 lakh crore (US$ 100.3 billion) in FY19.
According to the data released by Department for Promotion of Industry and Internal Trade Policy (DPIIT),
construction is the third-largest sector in terms of FDI inflow. FDI in the sector (including construction
development and construction activities) stood at US$ 42.97 billion between April 2000 and September
2020.
Recent Government Initiatives:
The Government of India has been supportive towards the real estate sector. In August 2015, the Union
Cabinet approved 100 Smart City Projects in India. The Government has also raised FDI (Foreign Direct
Investment) limits for townships and settlements development projects to 100%. Real estate projects
within Special Economic Zones (SEZ) are also permitted for 100% FDI. Construction is the third-largest
sector in terms of FDI inflow. FDI in the sector (including construction development and construction
activities) stood at US$ 42.97 billion between April 2000 and September 2020. Exports from SEZs
reached Rs. 7.96 lakh crore (US$ 113.0 billion) in FY20 and grew ~13.6% from Rs. 7.1 lakh crore (US$
100.3 billion) in FY19. Indian real estate is expected to attract a substantial amount of FDI in the next two
years with US$ 8 billion capital infusion by FY22.
Government of India’s Housing for All initiative is expected to bring US$ 1.3 trillion investments in the
housing sector by 2025. As of December 2019, under Pradhan Mantri Awas Yojana (Urban) [PMAY (U)],
1.12 crore houses were sanctioned in urban areas, with a potential to create 1.20 crore jobs. The scheme
is expected to push affordable housing and construction in the country and give a boost to the real estate
sector. On July 09, 2020, Union Cabinet approved the development of Affordable Rental Housing
Complexes (AHRCs) for urban migrants and poor as a sub-scheme under PMAY–U. Government has
also released draft guidelines for investment by Real Estate Investment Trusts (REITs) in non-residential
segment.
The Ministry of Housing and Urban Affairs has recommended all the states to consider reducing stamp
duty of property transactions in a bid to push real estate activity, generate more revenue and aid
economic growth.
Pg. 4
Real Estate Frauds
What Is Realty Sector Fraud?
Legal definition of ‘Frauds’ under Indian Contract Act, 1872 states:
"Fraud" means and includes any of the following acts committed by a party to a contract, or with his
connivance, or by his agents , with intent to deceive another party thereto or his agent, or to induce him
to enter into the contract:
(1) the suggestion as a fact, of that which is not true, by one who does not believe it to be true.
(2) the active concealment of a fact by one having knowledge or belief of the fact.
(3) a promise made without any intention of performing it.
(4) any other act fitted to deceive.
(5) any such act or omission as the law specially declares to be fraudulent.
Reading with this definition, Realty Sector (Real estate) fraud is when an individual or agency uses false
information or misrepresents the information for any real estate transactions. It can happen in various
ways and involve multiple parties and sometimes results in a class action lawsuit when there are many
people impacted. For example, a seller provided wrong information regarding the size of the apartments
they sold. This resulted in many buyers negatively impacted by the fraud.
The crime of real estate fraud occurs when one person in a real estate transaction makes false
representations of relevant information to another person in the transaction. Or, the person may fail to
disclose relevant information to the other. The other person then acts on the false information or omission
to their financial detriment.
Fraud in real estate transactions can take place in any phase of a real estate transaction from the
mortgage application or approval phase through the closing of a sale or purchase of a piece of real
property, Prospective renters can also be the victims of real estate fraud. The crime of real estate fraud
may be punishable by time in jail or prison and the imposition of a fine.
THE RISE AND FALL OF INDIAN REAL ESTATE SECTOR: IMPACT OF REAL
ESTATE BILL ON BUYERS AND REALTY MARKET
Piyush Sharma, Sakshi Gupta
ABSTRACT
The real estate sector is one of the most internationally renowned sectors. In India, real
estate is the second major sector/employer following agriculture and is scheduled to rise at
30% over the next decade. The intention of this study is to emphasize the imperative facets
of Indian realty market. Firstly, this paper studies the development tendency of real estate
sector of India. Secondly, this paper spotlights on the rise and fall of Indian realty market
and the drivers that led to these booms and bust. The study primarily focuses on the positive
and negative impacts of most recent real estate bill on public as well as on construction
conglomerates of India. This study is anticipated to present various tribulations and
challenges that Indian buyers and realty sector is facing today.
Keywords: Assets; Economy; Developers; Realty Market; Real Estate Bill
1. INTRODUCTION
The real estate sector in India implicit superior importance with the liberalization of the
economy, as the resulting augment in business opportunities and labor immigration led to
mounting demand for commercial and housing space. Currently, the real estate and
construction sectors are playing a central role in the overall growth of India’s core
infrastructure. The real estate industry’s magnification is connected to progress in the retail,
hospitality and leisure industries, fiscal services and information technology enabled
Pg. 5
services (like
ABSTRACT
1. INTRODUCTION
services (like
ABSTRACT
1. INTRODUCTION
services (like
ABSTRACT
Pg. 6
1. INTRODUCTION
services (like
ABSTRACT
of Indian realty market. Firstly; this paper studies the development tendency of real estate
and the drivers that led to these boom and bust. The study primarily focuses on the positive
1. INTRODUCTION
hospitality and leisure industries, fiscal services and information
ABSTRACT
of Indian realty market. Firstly; this paper studies the development tendency of real estate
and the drivers that led to these boom and bust. The study primarily focuses on the positive
1. INTRODUCTION
hospitality and leisure industries, fiscal services and information
What are Some Common Types of Real Estate Fraud?
There are many types of real estate fraud. Some of these are:
Pg. 7
1. Mortgage fraud: the misrepresentation of material information or omission of crucial data related
to the real estate property involved that can result in fraudulent transactions.
2. Foreclosure fraud: when the home is wrongly foreclosed on, leading the homeowner to think
that they lost ownership of their home and results in them moving out and giving up their home.
3. Title fraud: when the title (ownership) of the property is falsely changed or occupied through
fraudulent methods. For example, an individual sells a property that belongs to another by
pretending to be the owner of the property. In this case, the original owner might not be aware of
the transaction happened.
4. Value fraud: when a buyer is misinformed about the actual value of the real estate property and
believing that buys the property. This can be done by misrepresenting or omitting valuable
information about the property and its features.
Acts which also qualifies under Real Estate Frauds
 Delay in delivery, where the project turnaround time is not as per the commitment, and there is
undue delay in project completion and handover,
 Changes in specifications mentioned in the agreement also qualifies as fraud. It could be with
respect to the carpet area, interiors, exteriors, materials and fittings used.
 The necessary licenses and permissions for the construction of the building may not be
procured and sale agreements and deeds are executed beforehand.
 There could be hidden clauses in agreements that are not favourable to the buyer.
 Title/ownership of the land is not straightforward, or it may be disputed, which will ultimately put
the buyer’s investment in jeopardy.
 Real estate agents and brokers may oversell a property in undeveloped areas on false
promises of quick development, high appreciation or high returns.
 Fraudulent sales where the same property is sold to multiple buyers.
 Another type of fraudulent sale where a person who is not the owner is posing as owner and ]
executing the sale.
Fraud Trend in Realty
Surveys indicate that India lags behind only Africa in having the largest number of individuals or
companies affected by fraud, the biggest worry being corruption involving public officials. The World
Economic Forum for Global Competitiveness ranked the Indian economy 56th overall in 2011-12, but 99th
for corruption and 96th for burdensome regulation.
Taking $80 billion as the size of the construction industry in India, the Association of Certified Fraud
Examiners’ 2012 global estimate of 5 per cent production stream would compute $4 billion in construction
fraud.
Grant Thornton presented below snap-shot of Construction report’s fraud prevalence in India:
 Billing fraud — low;

 Bid/ contract rigging, market collusion — high;
 Bribery/ corruption — high;
 Fictitious vendors, falsifying payment applications — low;
 Change order manipulation — medium;
 Theft or substitution of materials — low;
 False representation — medium;
Pg. 8
 Money laundering — high;
Parties to Real Estate Frauds
Generally, Real Estate Fraud is linked with the developers only due to trend of cases where builders have
launched projects, collected deposits and disappeared. Other instances include selling the same plot to
multiple buyers. It is a common practice among developers to use funds from one project to launch the
next instead of completing the first. Builders have also sold units on land they do not own or where they
have no clearances.
However, there are other parties also who commit Real Estate frauds including
A. Buyer:
It is common for home buyers to take out a loan to finance the purchase of real property. This loan is
known as a mortgage loan. The loan application is analyzed by a mortgage lender, which can be a bank
or credit union. When a buyer applies for a loan, the buyer may make any number of false
representations on the loan application in order to improve their chances of getting a loan. These
include:
 Attempting to report a credit score that is higher than the buyer’s real credit score.
 Providing an income figure that is higher than the buyer’s actual income.
 Falsely representing the amount of debt or the kinds of debts the borrower owes to creditors
creditors; and
 Giving the lender false paycheck stubs or statements, or false tax statements.
Act of Buyers’ qualifies as Fraud:
 Buying with a Stolen Identity: Here, the buyer commits identity theft and then uses the stolen
name, credit history, and other information of the person whose identity was stolen on the loan
application.
 Using a So-Called “Straw-Buyer”: Here, the borrower applies for a loan with information that
belongs to another person, the so-called “straw buyer”. The buyer might even use the name of
the “straw buyer” instead of their own name; this differs from buying with a stolen identity because
the “straw buyer” is part of the fraud and allows use of their information.
 Using a “Silent Second”: In this type of real estate fraud, the buyer is unable to afford the down
payment that must be paid when buying a home. Without the lender’s knowledge or approval, a
buyer might get a second mortgage from a different lender to finance the down payment.
 Tax evasion with fraudulent behaviour is common in the real estate sector. Transactions with an
appraisal value that is low compared to the sales value are shown to have a higher likelihood of
involving fraud. It indicates (illegal) side payment to lower the sales value tax payment.
Pg. 9
A lender usually requires the buyer to report the source of the funds the buyer will use for the down
payment. When a buyer does not report the source of a down payment truthfully the buyer commits
fraud by failing to disclose a relevant fact.
When a buyer intentionally misrepresents or omits a relevant fact when a purchase is finalized, the
buyer co another form of real estate fraud. If that misrepresentation or omission causes the seller to go
forward with the sale, when disclosure of the truth would have caused the seller not to go through with the
transaction, then the buyer has committed fraud.
Recent Buyer’s Fraud unveiled
With large amount involved in real-estate, generally high value realty frauds and other phony real estate
financing frauds are performed on Banks. The recessionary trend in present realty scenario invariably
has brought in many unscrupulous and unsavoury Builders/ Developers who, in connivance with
certain corrupt Bank Executives and Dishonest Officers, secure bogus loans by allegedly executing
spurious documents supported by fudged Balance Sheets, highly inflated/ False data, fabricated
information/statements and try to make some fast money through illegal routes.
Banks and other financial institutions reported frauds worth Rs 1.38 trillion in 2020-21, down 25 per cent
compared to the previous year, when the amount involved was Rs 1.85 trillion, according to the Reserve
Bank of India’s (RBI’s) annual report released for FY 20.
The ED (Enforcement
Directorate) on Thursday filed a prosecution complaint (charge sheet) against chairman of Omkar
Realtors and Developers Kamal Kishore Gupta, managing director Babulal Varma, actor and producer
Sachin Joshi and others in the alleged Yes Bank loan fraud case of ₹410 crore. The charge sheet was
filed before a special Prevention of Money Laundering Act court after an FIR was registered on March 7,
2020 at Aurangabad under Sections 420 (cheating and dishonestly inducing delivery of property), 406
(punishment for criminal breach of trust) and 34 (acts done by several persons in furtherance of common
intention) of the Indian Penal Code.
Pg. 10
B. Seller / Developer:
In a closer observation of the judgement pronounced for Amrapali by the apex court leads us to the crisis
of realty sector which has been riddled with corruption involving big money. Forensic Auditors highlighted
that approx. 3,500 Crores of home buyers’ money was diverted by Amrapali promoters.
Since real estate industry involves high value inputs from other industries namely, building materials,
steel, timber, glass, brick & concrete and cement and have gestation period of around 4-5 years. Most of
the players or developers in real estate industry were using home buyer’s money to pay off working
capital and other business requirements. Also, siphonage of bank loan and diversion of the funds was
quite common in closely held companies.
Other recent Seller’s Fraud unveiled
 Emaar Properties scam Situated at Dubai, Emaar Properties had a partnership with the Andhra
Pradesh Industrial Infrastructure Corporation (APIIC) of 70:30 equity. The key aim of this
partnership was to build an ultra-luxury township on 535 acres of land in Gachibowli, Hyderabad.
MGF (another Dubai based infrastructure company) became the new partner of this existing
companies. It reduced the APIIC stake into 6.5 percent. With the clearance from government
terms were revised by APIIC managing director. It fetched a huge loss to the government and
Central bureau of investigation suspected that Emaar-MGF partnership had a gain of excessive
2500 crores.
 Rangmahal Cooperative group housing scheme (CGHS) Scam was 4000 crore scam. It was
started when the plot was illegally allocated by the lawbreakers for Rangmahal CGHS in
Pitampura area of North West Delhi. In total 11 people were apparently involved including the
public servants. They forged the documents, misrepresented the DDA and allotted lands in the
subsidized prices to the society.
 Karnataka Wakf Board Land Scam In 2012, Anwar Manippady, Karnataka State Minorities
Commission’s chairman in his report to the Chief Minister of Karnataka brought out about the
scam of 2 lakh-crore. It was alleged that Karnataka Wakf Board illegally distributed the land of
27,000 acres for a small amounts of actual market value.6
 Noida land scam The top scientists of Indian Council of Medical Research (ICMR) reassigned
the government plot of 70 crore value to a private group in a small amount to construct society
flats.
Pg. 11
 Adarsh Housing Society scam Mumbai was started in the year 2002. It was started with a
request to allot land for building houses for serving and the retired defence personnel in the
Colaba area of South Mumbai. However, over the period, top official’s government officials,
politicians were violated the rules and norms and misuses the houses build for martyrs’ widows
and used for their personal benefit.
 Housing Development Infrastructure Limited (HDIL) in a real estate fraud in Ghaziabad. It

was identified that the developer did not involve any kind of infrastructural development in the
land and not had any approval from the authorities. Even, developer demanded and collected
money from buyers illegally after the expiry of sanctioned development plan
 Indian real estate funds IREO management engaged in a fraud of 1.5 billion through the web of
shadow companies connected to the owners’ relatives, friends, and business acquaintances to
drain off money from the fund.
Government Regulations to contain Realty Frauds
Real Estate Regulation Development (RERA) Act, 2016
With the introduction of Real Estate Regulation Development Act, 2016, The Ministry of Housing and
Urban affairs of Government of India in 2016 initiated the major changes in the real estate sector.
The key objective of RERA, 2016 Act is to provide transparency and protect the interest of home buyers.
The act makes it mandatory to register the projects and real estate agent with RERA before sale. It is also
necessary for developers to deposit 70% of the collected amount from buyers to deposit in escrow
account and can withdraw in project construction with a certification by Architects, Chartered
Accountant, and Project engineers.
RERA provide benefits to the consumers and developers in India by setting up real estate regulatory
authority for ruling and endorsement of the real estate sector and to make sure sale of houses, apartment
or building in a competent and apparent manner and to defend the interest of consumers in the real
estate sector and establish the jurisdiction to hear petitions from the verdicts, directions or commands of
the authority and for issues connected therewith or subsidiary thereto.
Highlights of Key Features:
The Act offers a consistent regulatory atmosphere, to protect buyer interests, help quick arbitration of
disputes and ensure methodical growth of the real estate sector. It aspires at reinstating buoyancy of the
common public in the real estate sector by instituting lucidity and liability in real estate and housing
businesses.
 Formation of real estate dictatorial authority: The Act provides for the founding of one or more
real estate regulatory authority in each state for supervision of real estate operations. It also
recommends employing one or more arbitrating officers to settle quarrels and oblige reimbursement
and interest.
 Listing of real estate projects and mediators: Developers must compulsorily register all projects
with the concerned real estate regulatory authority of the state. Real estate mediators who plan to
sell any plot, apartment house or building also must get themselves listed with the authority.
Pg. 12
 Mandatory public revelation of all project information: The Act intends obligatory public
revelation norms for all recorded projects such as details of advertisers, project, outline plan, plan of
progress works, property status, status of legal approvals and disclosure of performed concords,
names and official addresses of real estate mediators, freelancers, contractors, designers, structural
engineer, consultants etc.
 Responsibility of promoter: The Act brings out the jobs of developers including confession of all
appropriate information of project, devotion to official plans and project designs, responsibilities
regarding reality of the classified ad for sale or catalog, refinement of structural faults and repayment
of capital in cases of evasion.
 Obligatory security deposit of 70 per cent: Constructors will now have to put down at least 70%
of the sale progresses, counting land cost, in a separate bond account to meet building cost. As per
the former proposal, it was 50 per cent or less of sale progresses. This is intended at avoiding
developers from averting money raised from allotters.
 Obedience to declared plans: Under this bill, developers are debarred from changing plans,
structural blueprints, and condition of the plot, dwelling, or building without the approval of two-third
allotters after revelation. However, small additions or variations are permissible on architectural and
engineering basis.
 Roles of real estate mediators: The Act makes it compulsory for real estate mediators to sell
assets registered with the governing real estate authority. They are also requisite to maintain
account books, evidences and certificates and are banned from getting implicated in any iniquitous
trade practices.
 Rights and jobs of allotters: The Act brings out the right of the allotter to attain phase-wise time
agenda of project and claim ownership as per promoter assertion. Allotter is also permitted to
compensation with interest and reimbursement for default by the promoter. On their part, allotters
must make imbursements and perform responsibilities as per contract.
 Role of real estate dictatorial authority: According to the bill, the authority must act as the central
agency to organize attempts concerning development of the real estate sector and give essential
guidance to the suitable government to make certain the development and encouragement of a
transparent, competent and spirited real estate sector.
 Fast track quarrel resolution system: The Act also sets up a fast-track quarrel settlement
mechanism through arbitration and institution of a specialized real estate matter court. The courts
will now have to pass judgment of cases in 60 days as against 90 days planned before and
regulatory authorities to arrange complaints within 60 days only.
 Penalizing measures in case of disobedience: The punitive stipulations under the law comprise a
fee of 10% of project cost for nonregistration and imbursement of additional 10% of project cost or
three-year custody or both if still not obeyed with. For incorrect revelation of information or for not
obeying with the confessions and requirements, payment of 5% of venture cost will be requisite. The
Act provides dictatorial authorities the control to abandon project registration in case of constant
breaches and settle on further strategy regarding conclusion of such projects. The authority also has
extreme right to revoke the registration of the projects if the builder doesn’t comply with RERA
guidelines and to attach personal properties of promotors as in case of Jaypee Infratech.
Role of Chartered Accountants in Real-Estate Fraud Prevention
Opportunity as Forensic Auditors:
Pg. 13
In a Landmark judgement UP RERA, in Oct 2018, has passed orders for Forensic Audit of registered
projects of Ansal API, Primrose Infratech, and Intellcity business park, where Currie and Brown ( C & B )
performed forensic audit of Ansal API and identified fund diversion of around Rs. 600 Crores its projects.
Such appointment sets the right example for Other states RERA authorities that forensic audit is the new
tool in the hands of RERA authorities to unearth the wrong done and gave power to the homebuyers who
were at the receiving end previously.
In recent years, RERA authorities are often taking help of professionals to conduct forensic audit on on-
going projects to investigate diversion of home buyer’s money. It gives appropriate opportunity for
Chartered Accountants as they appear to be well equipped with financial and legal aspects.
Recent News of forensic empanelment by RERA authorities:
Pg. 14
Bibliography / References:
https://www.ibef.org/industry/indian-real-estate-industry-analysis-presentation
https:// thehindu.com/real-estate-blog/5-major-issues-in-real-estate-sector-in-india/
Pg. 15
https://www.legalmatch.com/law-library/article/criminal-consequences-for-real-estate-fraud.html
https://voxeu.org/article/tax-evasion-real-estate-sector
https://redevelopmentofhousingsociety.com/index.php/realty-frauds-scams/246-realty-frauds-with-banks
https://www.thehindubusinessline.com/news/education/Fraud-trends-in-realty/article20694587.ece
https://www.siliconindia.com/realestate/news/5-MultiCrore-Real-Estate-Scams-in-India-nid129482.html
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/up-rera-to-conduct-forensic-audit-of-
seven-projects-of-supertech-and-ansal api/articleshow/77895391.cms?
utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
https://www.pdicai.org/Docs/Real-estate-regulatory-authority-Karnataka_215201911390152.pdf
https://haryanarera.gov.in/login/viewPdf/NzEw
Pg. 16

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Forensic Accounting and Fraud Detection

Realty Sector Growth:

Realty Sector as Investment Option:

Recent Government Initiatives:

Legal definition of ‘Frauds’ under Indian Contract Act, 1872 states:

(3) a promise made without any intention of performing it.

(4) any other act fitted to deceive.

Acts which also qualifies under Real Estate Frauds

Fraud Trend in Realty

 Billing fraud — low;

Parties to Real Estate Frauds

Act of Buyers’ qualifies as Fraud:

Recent Buyer’s Fraud unveiled

Other recent Seller’s Fraud unveiled

 Housing Development Infrastructure Limited (HDIL) in a real estate fraud in Ghaziabad. It

Government Regulations to contain Realty Frauds

Real Estate Regulation Development (RERA) Act, 2016

Highlights of Key Features:

Role of Chartered Accountants in Real-Estate Fraud Prevention

Opportunity as Forensic Auditors:

Recent News of forensic empanelment by RERA authorities:

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