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Joseph Chacko


Realtor arrested for duping NRIs of Rs 500 crore

Banglore, June 18, 2009
Raman Chadha

After two years of investigation, Joseph Chacko, a resident of Bangalore, was arrested at Kolkata International Airport for cheating about 100 NRIs (Non-Resident Indians) of Rs. 500 crore. He is expected to be brought to the City by Thursday.

According to the police:

  • There were 40 FIRs pending against Chacko in different police stations.
  • He collected Rs. 8-10 lakh from NR Iinvrstors to built a 220-room complex, registered them in the investors' names, but never share revenue and one week vaction.
  • He had 12 projects in Bangalore and Hoskote taluks of Bangalore. Some of the projects were on the same land.
  • He also filed cases against the NRIs who demanded money
  • He also cheated poor villagers to give him the power of attorney by promising to pay them once their lands were sold
  • In 2004, he was convicted by the Higher Civil Court of Kingdom of Bahrain for cheating of Rs. 3.8 crore filed by an investor, M.T. Jose,

There were about 150 NRIs invested in his projects and 76 managed to get sale deeds. They felt that they were cheated and filed a complaint with the Chief Minister in May 2007.

The police also arrested three other persons by issuing non-bail able warrants against Chacko in five cases.

Joseph Chacko moved to Kuwait in 1995 and became NRI. He started to develop several residential big projects in India for NRIs. He started advertisements and exhibitions all over the Gulf to attract NRIs for investment opportunities in India. He continued NRI status for two years and filed false sale abroad in foreign exchange to avoid tax




Joseph Chacko Realtor arrested for duping NRIs of Rs 500 crore