The Economic Offences Wing (EOW) of the Delhi Police arrested a man for allegedly duping homebuyers by fraudulently selling a property mortgaged with a private bank in the Daryaganj area of Central Delhi, a police official said on Wednesday.

The accused, identified as Moshin Mohammed, was allegedly involved in a case of cheating related to the sale of a property in Daryaganj which was already pledged as security with a private bank, he added.

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The case came to light following a complaint from a private bank. An FIR under Sections 420 (cheating), 406 (criminal breach of trust) among other Sections of the IPC was registered in 2021.

The investigation into the case revealed that M K Overseas Pvt. Ltd., (meat exporter company – presently under liquidation), through its directors, obtained various credit facilities to the tune of Rs 95 Crores in the year 2016 from Yes Bank Ltd and mortgaged one of the properties situated at 19C, Ansari Road, Daryaganj, Delhi, the police said.

Between March 2018 and May 2019, at the behest of the accused, a number of flats were constructed on the land and sold to innocent homebuyers without disclosing that the same were not free from encumbrances and a sum of Rs 13 crore was collected through such fraudulent sales, the statement added.

Furthermore, it stated that the accused also allegedly withdrew Rs 3.33 crore from an account opened at a cooperative bank for personal use, adding he frequently changed mobile numbers to evade authorities and procured SIM cards under different names.

The cops said that Mohammed was traced to a hotel in Nizamuddin based on technical surveillance and arrested on March 26.