Cops bust luxury property racket that duped scores of ₹200cr, 5 held

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 nonexistent or fictitious bank-auctioned properties in Delhi-National Capital Region (NCR).

- Karn Pratap Singh [e-mail]

One such nonexistent property was in Gurugram's DLF Camellias.

The arrested members, including mastermind Mohit Gogia, 38, laundered the proceeds through multiple bank accounts.

Meanwhile the crime branch is looking for more suspects, most notable Ram Singh alias Babaji, 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.

Two cars procured from the cheated money have been seized. Bank accounts of the accused have also been frozen, DCP (crime) Aditya Gautam said.