Two staff members of Lagos-based real estate firm, Veritasi Homes, have been arrested by the police over allegations of forging property documents with the intent to defraud unsuspecting buyers.
The Public Relations Officer at the Force Criminal Investigation Department (FCID), Abuja, confirmed the arrests, stating, “Two staff of Veritasi were arrested last week while the CEO, Nola Adetola, is still at large.” Investigations are ongoing, and efforts are being made to locate and apprehend the CEO, who is reportedly evading arrest.
The alleged forgery involves landed property documents linked to a parcel of land located in Idera, Ibeju Lekki, Lagos—a rapidly developing area known for its high demand in real estate. According to police reports, Veritasi Homes is accused of forging property documents belonging to a different individual and fraudulently selling the plots to unsuspecting customers.
The issue came to light when potential buyers conducting due diligence discovered inconsistencies in the documents provided by Veritasi Homes. Upon further investigation, it was revealed that the title documents allegedly presented by the firm were forged. Concerned buyers filed a formal petition to the FCID, prompting police investigations that led to the arrests.
Sources close to the investigation disclosed that Veritasi Homes had reportedly sold over 200 plots from the disputed property using the allegedly forged documents. These plots were already planned for allocation to customers who had paid significant sums of money. Many of the buyers, reportedly enticed by Veritasi Homes’ reputation in the real estate sector and the promise of prime land in Ibeju Lekki, now find themselves caught in a web of legal and financial uncertainty.
One of the victims, a businessman from Lagos who had purchased multiple plots, shared his shock after discovering the alleged forgery. “I had trusted Veritasi Homes because of their presence in the market and their reputation. It is devastating to know that I might lose my investments,” he said. Many other affected buyers, some of whom had made payments for full plots, are now facing the possibility of losing their investments.
The FCID has assured the public that they are thoroughly investigating the matter and are working in close collaboration with the Lagos State Land Registry to verify the authenticity of the disputed documents. “We are committed to ensuring that all those responsible for this fraudulent activity are held accountable. The arrests are just the beginning, and we are determined to bring justice to the victims,” said a senior officer at the FCID.
Lawyers representing some of the affected buyers have indicated that they plan to file civil suits for compensation, while criminal charges may also be brought against the accused if the allegations are proven.
In a statement, the FCID confirmed that they are actively looking for the CEO of Veritasi Homes, Nola Adetola, who has yet to be located. “We are doing everything we can to ensure that justice is served and that the CEO, who is a key figure in this case, is brought to justice,” said the officer.
This case highlights the significant challenges faced by buyers in an unregulated real estate market. Legal experts have stressed the need for more robust regulatory frameworks to prevent fraudulent activities in the sector and protect consumers from unscrupulous property developers.
As of now, Veritasi Homes has not issued a public statement regarding the arrests or the ongoing investigation. Attempts to reach the company for comments have been unsuccessful. Customers who have been affected are now urging the company to make amends, either by providing refunds or compensating victims for the fraudulent transactions.
The ongoing investigation into Veritasi Homes highlights the importance of due diligence and transparency in the real estate industry. While the authorities continue to probe the matter, it is clear that the growth of the Nigerian real estate market hinges on restoring consumer confidence and ensuring that fraudulent practices are eliminated. The alleged forgery has drawn widespread criticism within the Lagos real estate market, which is already struggling with issues of transparency and fraud. Several legal experts have called for a more stringent approach to regulating property transactions and ensuring due diligence in the industry.
Affected buyers are advised to continue working with law enforcement to seek redress. As the investigation progresses, the public and stakeholders in the real estate industry await further updates, hoping for a resolution that will not only hold the perpetrators accountable but also improve the integrity of property transactions in Lagos and across Nigeria.
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