The police have arrested a real estate developer, Alabi Idowu, for allegedly defrauding over 200 intending tenants in a newly-constructed building at No. 1 Karimu Street, off Oyebanjo Street, Alapere, Ketu, Lagos State.

PUNCH Metro gathered that the developer allegedly also posed as the landlord of the building to defraud the prospective tenants to the tune of N50m.

The developer, while negotiating with the accommodation seekers, reportedly informed them that finishing touches had to be applied on the building before they could move into their flats.

After payment, Idowu reportedly told his victims to meet him in the house on Monday, June 24, 2019, to receive the keys to their respective flats.

However, the developer was alleged to have released keys to some of the intending tenants before the agreed date.

One of the intending tenants, who identified herself simply as Shonibare, said over 200 persons were left stranded in front of the building, adding that some claimed to have paid for their flats when the building was at the foundation level.

Punch reports further that the state Police Public Relations Officer, Bala Elkana, said the command’s Special Fraud Unit had arrested the fleeing developer, adding that the original owners of the house were also victims of the fraud.

Elkana stated, “The son of the deceased landlord, Adeleke, had an agreement with the developer to complete the existing bungalow on the land. He also developed new flats on the remaining portion of the land and started collecting money from different persons in order to raise funds for the project.

“The house has only 15 flats but he collected money from over 100 persons and after completing the work, he handed over the keys to 15 persons. The trouble started when the rest of the victims came to occupy the apartments and they met other people there.

“The Special Fraud Unit of the command has arrested the developer, while Adeleke has been invited to the Alapere Police Station to give his statement. There are four developers involved from our record and about 120 victims have reported at our station and the amount collected, according to our calculation, is over N20m.”