Mumbai, Dec 25: In a major breakthrough in a high-value property fraud case, the Economic Offences Wing (EOW) of the Mumbai Police has arrested the accused, Akhtar Sheikh (60), from Andheri East. Sheikh was apprehended on Thursday evening following a technical investigation and will be produced before the Esplanade Court on Friday.
Forged Identity Used to Sell Bandra Property
The case pertains to an alleged fraud in Bandra, where the identity of a flat owner was forged to illegally sell the property and secure a bank loan worth ₹11.35 crore.
Accused Traced Near Andheri Metro Station
According to police officials, Senior Police Inspector Nitin Patil, along with his team comprising Assistant Police Inspector Nitin Pawar, Head Constable Mandar Rane and Constable Abhishek Prabhu, traced and detained the accused from below the Andheri Metro Station, Andheri East. He was subsequently arrested in connection with the case registered by the EOW.
Complaint Filed by Original Flat Owner
The fraud came to light after a complaint was filed by Alpesh Narpatchand Jain (44), a steel trader residing in Girgaon. Jain stated that he had legally purchased a luxury flat at Iconic Tower, Bandra West, in May 2023 for ₹6.25 crore. However, during a verification exercise initiated by the housing society, it was discovered that the flat had been fraudulently sold using forged documents.
Fake Sale Deed and Power of Attorney Executed
Investigations revealed that an unknown 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 neither knows the individuals involved nor was he present in India on the date the documents were registered, as he was in Indonesia at the time.
Property Mortgaged to Secure Bank Loan
Police further found that the flat was used as collateral to obtain a loan of ₹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 provided by associates of the alleged buyer.
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Forged Documents Used Over Several Months
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. Further investigation is underway to identify other accused involved in the racket and to recover the defrauded amount.
Probe On to Uncover Larger Conspiracy
The arrest of Akhtar Sheikh is expected to provide crucial leads in unravelling the larger conspiracy behind the multi-crore property fraud.
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