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Cops bust luxury property scam that duped scores of ₹200 crore, 5 held
Police said the syndicate was wanted in at least 14 cheating cases in Delhi, Punjab, Madhya Pradesh, Goa, among others using the same modus operandi. Two cars procured from the cheated money have been recovered. Bank accounts of the accused have also been seized, deputy commissioner of police (crime) Aditya Gautam said.
With the arrest of five people, the Delhi Police claimed to have busted a luxury property fraud racket that has duped investors of around ₹200 crore by selling them non-existent or fictitious bank-auctioned properties in Delhi-National Capital Region (NCR). One such non-existent property was in Gurugram’s premium DLF Camellias.
The arrested members, including mastermind Mohit Gogia, 38, laundered the fraudulently earned money through multiple bank accounts. Meanwhile the crime branch is looking for more accused, most notable Ram Singh alias Babaji, who is believed to be the main handler of the money-laundering network.
Police said the syndicate was wanted in at least 14 cheating cases in Delhi, Punjab, Madhya Pradesh, Goa, among others using the same modus operandi. Two cars procured from the cheated money have been recovered. Bank accounts of the accused have also been seized, deputy commissioner of police (crime) Aditya Gautam said.
The high-value property fraud came to light after a woman approached the crime branch in June this year, alleging she had been duped of ₹12.04 crore by Gogia and his associates in the name of selling a luxury flat at DLF Camellias. She said she had transferred the money between August and October. The bank later confirmed that all documents shown to the woman by the fraudsters, including sale certificates, covering letters and auction receipts, were forged.
“We registered a case of cheating, forgery and criminal conspiracy at the crime branch police station. Investigations revealed that the cheated amount was credited to the accused’s proprietorship firm’s bank account. The money was systematically layered through multiple bank accounts to conceal its trail. The suspects were identified and they were arrested following raids in Delhi-NCR, Uttarakhand, Bhopal, Mumbai and other states,” Gautam said, adding that Gogia was the first to be arrested on November 22 from Uttarakhand.
The other arrested people were identified as Vishal Malhotra, a 42-year-old property dealer; Sachin Gulati, 40; Abhinav Pathak, a 35-year-old medicine distributor; and Bharat Chhabra, 33. Gogia confessed to preparing forged mortgage and sale documents with the help of Chhabra, using a laptop to fabricate bank records and title papers. He also disclosed the involvement of other associates responsible for circulating money and managing bank accounts.
“Malhotra and Gulati allegedly allowed their bank accounts to be used for laundering funds, withdrawing and transferring large sums on the instructions of Ram Singh, for which they earned commissions. Gulati has a prior cheating case registered against him. Pathak introduced the complainant to the main accused and facilitated the fraudulent deal, while Chhabra assisted in forging documents,” DCP Gautam added.
Explaining the modus operandi, an investigator said the gang would identify disputed or fictitious properties, forge bank-auction paperwork, lure buyers with below-market rates, and then rotate the funds through shell firms and accounts, including the finance firm, which is being run by Singh.
Meanwhile, Gurugram police said the defrauded money was routed with ties to local firms and individuals. “Those who opened the accounts were also paid commission to help the accused swindle the funds and purchase properties at ultra-luxury venues in the city, including at Ambience Mall. We will extend our full support to the Delhi police in apprehending suspects related to the case in Gurugram,” said Sandeep Turan, spokesperson of Gurugram police.
