A 53-year-old Mumbai man recently fell victim to a cyber fraud that cost him his flat. The man, who has not been named, was contacted by a buyer who offered to pay him Rs. 1.3 crore for his flat. The buyer claimed to be a resident of the United States and said that he would be sending a representative to Mumbai to finalize the deal.
The buyer’s representative arrived in Mumbai and met with the man. The representative showed the man a fake cheque for Rs. 1.3 crore and said that he would deposit the cheque into the man’s bank account. The man then transferred the title of his flat to the buyer’s representative.
However, the cheque bounced and the man was left without his flat. He tried to contact the buyer and his representative, but they had disappeared.
In this case, Castler Escrow could have prevented the scam. Castler Escrow is a platform that holds payments in escrow until both parties have agreed that the transaction is complete. This means that the man would not have been able to transfer the title of his flat to the buyer until the buyer had deposited the cheque into his bank account.
If the man had used Castler Escrow, he would have been protected from this scam. The cheque would have been held in escrow until it cleared, and the man would not have been able to transfer the title of his flat until the cheque had cleared. This would have prevented the buyer from disappearing with the man’s money.
Here are some of the ways that Castler Escrow could have prevented the scam in this case:
If you are planning to sell a property, consider using Castler Escrow to protect yourself from fraud. Castler Escrow is a secure and reliable platform that can help you to avoid scams.