Mumbai Crime: EOW Arrests 43-Year-Old Broker In High-Value Fraud Involving Luxury Flat In Bandra West

Mumbai, Jan 29: In a high-value fraud case involving a luxury flat in Iconic Tower, Bandra West, the Economic Offences Wing (EOW) of the Mumbai Police has arrested Abid alias Sameer Ghulam Hussain (43).

The accused was arrested on Wednesday evening following a technical investigation and was produced before the Esplanade Court on Thursday, which remanded him to police custody till February 3. He is the second accused arrested in the case. Last month, the EOW had arrested Akhtar Sheikh (60), a resident of Andheri East, in connection with the same offence.

Role of property broker

Hussain, a property broker, allegedly played a key role in facilitating the creation of forged documents to execute the fake sale of the flat. He had earlier been arrested by Bandra Police in a separate cheating case. The EOW subsequently took his custody from Taloja Central Jail and formally arrested him in the present case.

Forged sale and loan fraud

As per the case details, the identity of the original owner, Alpesh Narpatchand Jain (44), was forged to illegally sell the flat and secure a bank loan of Rs 11.35 crore.

The fraud came to light after Jain, a steel trader residing in Girgaon, filed a complaint. Jain stated that he had legally purchased the luxury flat in May 2023 for Rs 6.25 crore. However, during a verification exercise initiated by the housing society, it was discovered that the property had been fraudulently sold using forged documents.

Fake power of attorney

Investigations revealed that an unidentified person impersonating Jain executed a fake sale deed on December 13, 2024, transferring ownership of the flat to Sandeep Babulal Gada. Prior to this, a fraudulent power of attorney was registered on December 11, 2024, using forged Aadhaar and PAN cards in Jain’s name. Jain clarified that he does not know any of the accused and was not present in India at the time, as he was in Indonesia when the documents were registered.

Bank loan using mortgaged flat

Further investigation showed that the flat was mortgaged as collateral to obtain a loan of Rs 11.35 crore from Utkarsh Small Finance Bank, Vashi, Navi Mumbai. The loan was sanctioned in the name of M/s Oneup Extrusion Pvt Ltd, with personal and corporate guarantees furnished by associates of the alleged buyer.

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Investigation continues

EOW officials stated that the forged documents were prepared and used between December 2024 and August 2025 to illegally register the sale and mortgage the property.

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