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July 04, 2020

Public warned of fraudulent real estate deals

File photo shows an aerial view of downtown Yangon.  Photo: GNLM/Phoe Khwar

An article in yesterday’s edition of City News warned against unscrupulous real estate agents attempting to sell fraudulent deals.
The article warned against forged documents and recommended that all real estate records be verified at the respective township’s Urban and Housing Development Department and Development Committee offices.
The article also warned against real estate salespeople who say the grant document was lost and that a new one is required. Oftentimes, this is a scheme in which fraudsters will attempt to sell a property to two buyers simultaneously.
The article mentions that fraudulent real estate schemes are often part of an organized conspiracy of several individuals and that authorities act against them only when there is a complaint. However, there is no dedicated real estate fraud investigation unit.


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