A 30-year-old man has been arrested for duping people by promising to sell flats seized by banks in the city at low rates, the police said on Friday.
Sachin Borde, the accused, was arrested from Nashik where he was hiding out by Unit-12 of the Mumbai crime branch.
Borde had collected Rs two crore from gullible buyers by offering to sell 18 flats, located in Andheri, Goregaon, Malad, Kandivali, Borivali, Dahisar, Mira Road, Vasai and Virar, the official said.
These flats had been seized by banks from loan defaulters. Borde cheated people by showing fake title documents of these flats, said inspector Mahesh Tawde of Unit-12.
After collecting the money he ran away from Mumbai and was living in Nashik for the last few months, Tawde said.
A case under IPC sections 406 (criminal breach of trust) and 420 (cheating) was registered against him at MHB Police Station here.
Questioning revealed that in Nashik Borde had cheated people by promising to sell two wheelers at less than the market price, he said, adding that further probe was on.