The Economic Offences Wing (EOW) of Delhi Police has arrested a 36-year-old man, Moshin Mohammed, for allegedly cheating homebuyers by fraudulently selling a property that was mortgaged with a private bank, an official reported on Wednesday.
The accused was involved in a case related to the sale of a property in Daryaganj, which had already been pledged as security with a private bank, news agency PTI reported.
A case was registered against Mohammed under sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and 120-B (criminal conspiracy) of the IPC at the EOW police station following a complaint from the private bank in October 2021.
Investigations revealed that M.K. Overseas Pvt. Ltd., a meat export company that is now under liquidation, had secured credit facilities totalling Rs 95 crore from the bank in 2016 by mortgaging its property located at 19C, Ansari Road, Daryaganj.
Mohammed allegedly facilitated the construction of multiple flats on this mortgaged land between March 2018 and May 2019 and sold them to unsuspecting buyers without informing them about the mortgage, accumulating Rs 13 crore through fraudulent sales.
Additionally, Mohammed is accused of withdrawing Rs 3.33 crore from an account opened at a cooperative bank for personal use. He also frequently changed his mobile numbers to evade authorities and procured SIM cards under different names.
The official reported that Mohammed was located at a hotel in Nizamuddin (West) based on technical surveillance and arrested on March 26. During interrogation, he reportedly admitted to misappropriating company funds. Further investigation has indicated his involvement in similar fraudulent cases.
The accused is also an accused in several other cases, including FIRs registered with the EOW Delhi in 2021 and 2022, as well as fraud cases under investigation by the Enforcement Directorate and the police in Gautam Buddha Nagar, Uttar Pradesh.
Mohammed, who was a director at M.K. Overseas Pvt. Ltd., facilitated multiple loans worth around Rs 300 crore from various banks by mortgaging several properties. When the business began to decline, he allegedly resorted to illegal means to siphon company funds. The investigation is ongoing.
