Pyin Oo Lwin – property scam

A crooked real-estate agent who reportedly resold the same land to several different buyers could have made off with hundreds of millions of kyat, say those who were cheated in the scam. The victims of the fraudulent transactions have been meeting to try to resolve the issue.

The fraud occurred in Pyin Oo Lwin, Mandalay Region, and Monywa, Sagaing Region, say local real estate agents.

Daw Khin Than of Kaung Hein Set Real Estate Agency and chair of Myanmar Real Estate Services Association (Pyin Oo Lwin branch), told The Myanmar Times on June 8 that ownership disputes had broken out over the serial sales.

“She resold land in Pyin Oo Lwin to two or three buyers. When we calculated the value of land involved in the ownership disputes that have come before us, it comes to about K1.5 billion. She fabricated ownership documents and practised breach of trust. She even accepted money from people who wanted to join the Real Estate Services Association but she didn’t enter them in the ledger. She is no longer a member of the association,” said Daw Khin Than.

The alleged unscrupulous agent is named Daw Khin Win Tint, though she so far has not been available for comment. Daw Khin Than said land in villages around Pyin Oo Lwin such as Naung Lone, Naung Line, Kone Baw, Htone Bo and Htoen Gone has been sold repeatedly without the knowledge of first or second buyers.

The cheat operated from a real estate agency she opened in Yay Chan Oh village, Pyin Oo Lwin township. In all, about 80 people have been cheated in Pyin Oo Lwin and Monywa, she said.

“She took the Monywa buyers in charter bus and treated them to lunch in a pagoda before selling them the land. Some buyers have only a sales contract. We don’t know where she is, but she posted an announcement in Kyei Moun daily on June 3, saying she desired to repay those who contributed capital to her business, and she is trying as hard as she can to do so. But she did not reveal her whereabouts or her phone number.

“We will advertise in the state-owned media informing her she must settle the matter within 15 days,” said Daw Khin Than.

U Kyin Khe, a real estate dealer from Htan Taw ward in Monywa, said that the value of the contested land in Monywa was about K400 million. “I met her about five months ago. She cheated me out of about K15 million, and I have to deal with other victims as well. I don’t know what to say. We’re trying to work out a solution together.”

The disputes over ownership are hampering the victims in their efforts to work together on settling the problem, said Daw Khin Than, who added that in many cases the fraudulent sales contracts were witnessed by village administrators. One solution might be auctioning off the land and sharing out the proceeds among the victims.

Source: Myanmar Times

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page “Actual Sample of Client Report”. Click here to go to page.

.

Do you know that IE Singapore is giving ≤ SGD 20, 000 support under the MRA Grant and > SGD 20,000 under the GCP Grant for Singapore companies to venture into Myanmar? To learn more click here.

.