Man held for duping Gurugram businessman of ₹4.27 crore in property scam

Police said the suspect posed as a bank-linked property consultant and forged sale documents to convince the victim of the deal.

A 32-year-old man was arrested by the Gurugram police economic offences wing (EOW) from Greater Noida in Uttar Pradesh on Monday for allegedly duping a city-based businessman of ₹4.27 crore by falsely promising him a bank auction property at a cheap price, police said on Tuesday.

Investigators said the accused created a fake bank email ID and took money in the name of security deposits and auction fees. (File photo)

Police said the suspect, a resident of Bhawanipur in Bihar’s Darbhanga, impersonated himself as a property consultant working for banks and had been absconding for the past one-and-a-half years.

Sandeep Turan, public relations officer of Gurugram police, said the suspect came in contact with the victim in 2024 and promised to help him purchase a costly apartment allegedly put up for auction by a public sector bank at a price far below its market value.

“He had promised him to get a costly apartment which was put up for auction by a public sector bank at a nominal price in comparison to its actual market price which was in several crores,” said Turan.

Police said the suspect gained the victim’s confidence and asked him to deposit ₹4.27 crore into various bank accounts on the pretext of security money and participation in the auction.

Investigators said the victim approached the bank after growing suspicious and discovered that the documents were forged and the property had already been auctioned to another person. After failing to trace the suspect or recover the money, the victim lodged a complaint at Sector-14 police station on October 9, 2024.

Police said the case was later transferred to the EOW, which tracked the money trail before arresting the suspect. He will be taken on police remand for further interrogation.