In another major real estate fraud case in Bengaluru, a company that claimed to assist people in securing rental and lease accommodation has been accused of cheating more than 300 individuals out of over
Rs 100 crore.
The firm, identified as Jones Property Management, also known as Jones Asset Management (JAM), was allegedly operated by one John Stephen. Police said the company’s office in Indiranagar was shut soon after complaints started pouring in on Monday, while Stephen has reportedly gone absconding, as reported by The Indian Express.
Investigators suspect the business functioned as a Ponzi-style scheme, where funds collected from new investors were allegedly used to pay earlier clients until the operation eventually collapsed.
Investors Promised High Returns And Assured Housing
According to police, the company mainly targeted people struggling to find housing in Bengaluru’s competitive rental market.
Victims were allegedly persuaded to invest sums ranging from Rs 10 lakh to Rs 75 lakh. To gain their confidence, the company initially paid rent to property owners for a few months. However, payments reportedly stopped after a few instalments, after which the firm became unreachable.
Police also said the company collected money under the guise of “investments”, promising monthly returns of 2%, which allegedly increased to as much as 4.2% for investments above Rs 30 lakh.
Victims Include Both Tenants And Property Owners
Several affected individuals, including tenants and homeowners associated with the company, have come forward with complaints.
One of the complainants alleged that her family invested Rs 37 lakh after being assured of stable housing and regular monthly returns. She said the first warning sign appeared when the company stopped paying rent to the property owner, leading to pressure for eviction. “When I asked for my money back, they refused and instead asked me to invest more to receive higher monthly returns. I eventually lost the money,” she alleged.
Police Say Accused Was Previously Arrested In Similar Case
Police officials said John Stephen had previously been arrested by Bengaluru’s Central Crime Branch (CCB) in another cheating case involving similar allegations.
According to an officer, Stephen was later released on bail and subsequently resumed operations through the company. Attempts to contact Jones Asset Management reportedly failed, with the company’s listed mobile number switched off.
Apart from Bengaluru, the firm is also said to have operated a regional office in Chennai.
Similar Lease Scam Surfaced In Bengaluru Last Year
The latest allegations have drawn comparisons with another high-profile housing scam uncovered in Bengaluru in November 2025. In that case, police arrested Vivek Keshavan, owner of Catena Homes, for allegedly cheating people through a lease-and-rent housing business.
Investigators said Catena Homes leased properties to residents while allegedly misleading homeowners into believing the properties were only being rented out. Many residents, largely migrants, had reportedly paid between Rs 20 lakh and Rs 50 lakh to secure leased homes in areas including Marathahalli, Banaswadi, Whitefield and Electronic City.
Police alleged the company acted as an intermediary between homeowners and tenants while concealing the actual nature of the agreements from property owners. The Crime Investigation Department (CID), which later took over the probe, has filed a chargesheet stating that more than Rs 50 crore was allegedly siphoned off in the Catena Homes case.
