Delhi: Two Held for Cheating Man of RS 3.5 Crore

Two persons were apprehended by the Economic Offences Wing (EOW) of the Delhi Police for defrauding a man of Rs 3.50 crore in lieu of a property.

The accused were identified as Madhur Jain and Sarbjeet Singh, a property dealer.

The complainant, Satyan Kapoor, was searching for a property in Delhi's Lajpat Nagar area. He got in touch with property agent Vijay Mittal, who told him about a property in Lajpat Nagar-III and introduced him to Singh and his associate Sunny.

They claimed that Usha Rani Jain is the sole owner of the property and her grandson Madhur Jain is the General Power of Attorney (GPA) holder, who had her authorization to sell it (the property) to Sarabjeet Singh, who had "paid an advance of Rs 5.11 crore".

"The accused offered to sell the property to him for Rs 17.50 crore. Before finalising the agreement, they disclosed an existing loan on the property from Hero Fincorp Ltd. They assured that the entire loan amount would be repaid, and the initial payment would be utilised for the loan repayment," the complainant said.

Based on these representations, Kapoor agreed to purchase the property. He made an advance payment of Rs 3.50 crore.

Kapoor claimed that he had a video call with a lady purported to be Usha Rani Jain, and after her assurance, he made the payment. "However, after some time, Kapoor received a legal notice from Usha Rani Jain, the property owner, stating that she had not issued any General Power of Attorney (GPA) in favor of her grandson Madhur Jain, and that the GPA presented was forged and fabricated. Subsequently, Kapoor filed a complaint, leading to the registration of the current case," police said.

"Accused Madhur Jain, a Commerce Graduate from Delhi University, worked as a freelance property dealer. Due to an existing mortgage with Hero Fincorp Ltd, he needed funds to clear the loan. Since the property was in his grandmother's name, he allegedly created a fraudulent GPA in his favour, deceiving the complainant," they added.