Delhi Police Apprehend Two for Rs 3.50 Crore Property Fraud

The Economic Offences Wing (EOW) of Delhi Police has arrested Madhur Jain and Sarbjeet Singh for defrauding a man of Rs 3.50 crore in a property deal. The victim, Satyan Kapoor, was looking for a property in Lajpat Nagar, Delhi, and was introduced to the accused by property agent Vijay Mittal. Jain and Singh claimed to represent Usha Rani Jain, the property owner, and her grandson Madhur Jain as the General Power of Attorney (GPA) holders.

They offered to sell the property for Rs 17.50 crore, assuring Kapoor that an existing loan on the property would be repaid. Kapoor made an advance payment of Rs 3.50 crore after having a video call with a lady he believed to be Usha Rani Jain.

However, Kapoor later received a legal notice from Usha Rani Jain stating that the GPA was forged. Kapoor filed a complaint, leading to the arrest of the accused. Madhur Jain allegedly fabricated a GPA to clear an existing loan against the property, which was in his grandmother’s name.