Property Fraud – Dwarka Couple Arrested for Multi-Buyer Flat Scam
Property Fraud – A 57-year-old man and his wife have been arrested for allegedly duping several homebuyers by selling the same apartment in Dwarka to multiple individuals, police officials confirmed on Friday. The arrests were made in Greater Noida following a targeted operation by the Dwarka district police.
Arrest After Months of Tracking
The accused have been identified as Naresh Kumar Sikri, 57, and his wife, Sharda Sikri, 55. The couple resides in Sector 9, Dwarka. According to the police, Sharda Sikri had earlier been declared a proclaimed offender by a Dwarka court in connection with cheating cases registered against her.
Officials said her anticipatory bail application had been rejected previously. At least two cases of fraud and cheating were already pending against her before this latest development.
Deputy Commissioner of Police (Dwarka) Ankit Singh stated that law enforcement agencies received specific intelligence indicating that the couple was hiding in Greater Noida. Acting swiftly on the information, a police team traced their location and took them into custody without incident.
Allegations of Multiple Sales of Same Flat
Investigators revealed that the couple is accused of selling a single residential flat in Dwarka to several buyers over a period of time. The property had reportedly already been mortgaged, yet the accused allegedly continued to enter into sale agreements with different individuals.
During questioning, both Naresh and Sharda Sikri are said to have admitted their involvement in the scheme. Police officials disclosed that despite receiving payments from multiple buyers, the couple failed to transfer legal ownership of the property to any of them.
Authorities estimate that the total amount collected through the alleged fraudulent transactions ranges between Rs 2 crore and Rs 2.5 crore. The money was reportedly taken from several individuals who believed they were purchasing a legitimate residential property in the national capital.
Financial Impact on Homebuyers
Police sources indicated that the victims included individuals who had invested significant savings into the property, expecting a secure transaction. Many of them only discovered the alleged fraud when ownership disputes surfaced or documentation verification failed.
Officials are now examining financial records, transaction documents, and property registration details to determine the full extent of the alleged scam. Investigators are also trying to identify whether additional buyers may have been affected.
Real estate fraud cases involving duplicate sales or forged documentation have surfaced periodically in Delhi-NCR, prompting authorities to advise buyers to conduct thorough background checks before finalizing property transactions.
Judicial Custody and Ongoing Investigation
Following their arrest, both accused were produced before a court and have been sent to judicial custody. Police officials said further investigation is underway to establish the timeline of the transactions and track the movement of the funds collected.
Authorities have not ruled out the possibility of additional legal charges if further evidence emerges during the probe. Efforts are also being made to trace the victims and gather formal statements to strengthen the case.
The Dwarka district police have urged residents to verify ownership documents, check for existing loans or mortgages on properties, and consult legal experts before investing in real estate to avoid similar situations.
The case highlights ongoing concerns around property-related fraud in urban housing markets and underscores the importance of due diligence in high-value transactions.