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Police on Saturday arrested a key accused carrying a reward of Rs 50,000 in connection with a fraud case exceeding Rs 100 crore involving the booking of flats and shops in a fake project in Rajnagar Extension. The accused has been identified as Nitin Sharma, alias Deepak Sharma, who was apprehended by a police team in Delhi. Authorities recovered assets worth over Rs 38 lakh from his possession, including Rs 5 lakh in cash and gold jewellery. With this arrest, the total number of individuals taken into custody in the case has reached 13.
According to police officials, the accused operated out of an office set up at a site in Rajnagar Extension and promoted the location as a major residential and commercial development. Investors were offered attractive schemes to purchase flats and shops and were assured substantial profits within a short period. Relying on these assurances, buyers deposited large sums of money into multiple bank accounts designated by the group. Preliminary investigations indicate that the syndicate defrauded investors of more than Rs 100 crore through this operation.
Additional Commissioner of Police Raj Karan Nayyar stated on Saturday that Nitin Sharma, alias Deepak Sharma, resides at Raj Garden City in Rajnagar Extension and originally hails from Ashok Vihar in North Delhi. He was tracked down and arrested in Delhi following sustained surveillance. Five cases have been registered in connection with this fraud at the Nandgram police station in Ghaziabad, alongside one case registered in Delhi.
Two Firms Used to Market Single Site
Investigators revealed that the accused floated two separate firms to execute the fraud. Brochures bearing the names of two distinct projects under these separate entities were printed and circulated among prospective buyers. However, investors inquiring about either project were shown the exact same physical site in Rajnagar Extension. The group began collecting booking amounts for flats and commercial shops from buyers during the 2024-25 period.
Deputy Commissioner of Police (City) Dhawal Jaiswal said Deepak Sharma is the alleged mastermind of the syndicate and has previous criminal cases registered against him. Presenting a single plot of land as two separate projects helped the group gain investor confidence and collect funds across multiple accounts. Police teams are currently mapping the financial trail linking these firms and bank accounts.
The first criminal case in the matter was registered in June 2026. Following allegations of negligence in initiating timely action, nine police personnel, including the then Nandgram station house officer, were suspended. A Special Investigation Team (SIT) was subsequently constituted to conduct a thorough probe into the roles of the accused and the financial transactions involved.
Bank Trail Counters Claims of Innocence
During earlier questioning, co-accused Sandeep Gupta and Prem Gill had claimed innocence, alleging that someone else had collected money from buyers using the name of their project. However, scrutiny of bank statements revealed that funds collected from investors were directly transferred into the accounts of these accused and their family members. Following this evidence, police arrested them along with other associates.
Twelve accused had already been sent to jail prior to Saturday’s arrest. They include Sandeep Gupta, Praveen Gupta, and Aryan Gupta of Jagatpuri in East Delhi; Surbhi Sharma, Mansi Prakash, Sarika Sharma, Shivani, Honey Gill, and Prem Gill of Rajnagar Extension; Ankur Singhal of Govindpuram; Vipin Sharma of Dayalpur in Delhi; and Jagdish Grover of Bilaspur in Chhattisgarh. Deepak Sharma had been absconding, prompting authorities to declare a Rs 50,000 reward for his arrest.
Over Rs 40 Crore Transactions Traced So Far
Police officials stated that while the total fraud is estimated at over Rs 100 crore, investigators have traced financial transactions exceeding Rs 40 crore so far. Around Rs 1.5 crore lying in bank accounts linked to the accused has been frozen.
Authorities are now compiling details of other financial links, firm transactions, and properties acquired using the defrauded funds. Officials confirmed that action under the Gangster Act will be initiated against the accused, and properties acquired through illegal proceeds will be attached and auctioned as per legal procedure.
