New Delhi, The Financial Offences Wing of Delhi Police has arrested a 36-year-old man for allegedly dishonest homebuyers by fraudulently promoting a property mortgaged with a personal financial institution, an official stated on Wednesday.
Man held for fraudulent sale of mortgaged property value crores in Delhi
The accused, recognized as Moshin Mohammed, was concerned in a case of dishonest associated to the sale of a property in Daryaganj which was already pledged as safety with a personal financial institution, he stated.
A case was registered towards the accused beneath sections 406 , 409 , 420 and 120-B of the IPC at EOW police station on the personal financial institution’s grievance in October 2021.
The investigations revealed that M.Ok. Abroad Pvt. Ltd., a meat export firm presently beneath liquidation, had availed credit score amenities amounting to ₹95 crore from the financial institution in 2016, mortgaging its property at 19C, Ansari Highway, Daryaganj, police stated in a press release.
Mohammed allegedly facilitated the development of a number of flats on the land between March 2018 and Might 2019 and offered them to unsuspecting consumers with out informing them concerning the mortgage, amassing ₹13 crore by way of fraudulent gross sales, he stated.
The official stated that the accused additionally allegedly withdrew ₹3.33 crore from an account opened at a cooperative financial institution for private use, including he regularly modified cellular numbers to evade authorities and procured SIM playing cards beneath totally different names.
The official stated that Mohammed was traced to a resort in Nizamuddin based mostly on technical surveillance and arrested on March 26.
He reportedly admitted to misappropriating firm funds throughout interrogation and additional probe indicated his involvement in related fraud instances.
The official stated Mohammed can be an accused in a number of instances, together with FIRs registered with the EOW Delhi in 2021 and 2022, in addition to fraud instances beneath investigation by the Enforcement Directorate and the police in Gautam Buddh Nagar, Uttar Pradesh.
He additional stated the accused, who was a director at M.Ok. Abroad Pvt. Ltd., had facilitated a number of loans value round ₹300 crore from numerous banks by mortgaging a number of properties.
When the enterprise declined, he allegedly resorted to unlawful means to siphon firm funds, the official added.
Additional investigation is underway.