New Delhi: In a major property fraud case from Dwarka, the Delhi Police has arrested a 57-year-old man, Naresh Kumar Sikri, and his wife Sharda Sikri (55) for allegedly selling the same flat to multiple buyers and cheating them of nearly ₹2 crore to ₹2.5 crore. The couple, residents of Dwarka Sector-9, were apprehended from a hideout in Greater Noida after evading arrest for a considerable period.
According to police officials, the accused orchestrated a calculated scheme in which they entered into separate sale agreements with multiple individuals for the same residential property. Investigators revealed that the flat in question had already been mortgaged to a bank prior to these transactions, making any subsequent sale legally invalid without clearing the outstanding loan.
FCRF Launches Flagship Certified Fraud Investigator (CFI) Program
Details of the Fraud
Police stated that despite the property being under mortgage, the couple executed multiple sale agreements with different prospective buyers. Each buyer was allegedly assured that the flat was free from legal encumbrances and ready for transfer. Based on these assurances, several individuals paid substantial advance amounts and installments toward purchasing the property.
Through this method, the accused reportedly collected between ₹2 crore and ₹2.5 crore from various victims. However, after receiving large sums of money, the couple neither completed the registration process nor handed over possession of the flat. When buyers began demanding documentation or possession, the accused allegedly started avoiding communication and eventually went into hiding.
Victims later discovered that the property had already been pledged to a bank as collateral for a loan, rendering the sale agreements fraudulent. Complaints were subsequently lodged with the police.
Police Action and Arrest
Two cases of cheating were registered in 2024 at the Dwarka South Police Station. However, the accused managed to evade arrest for months. During this period, Sharda Sikri filed an anticipatory bail application before a trial court, which was rejected. She later approached the Delhi High Court but eventually withdrew her plea.
Acting on specific intelligence inputs and using technical surveillance, the police tracked the couple’s movements and located them in Greater Noida. A dedicated team conducted a raid and arrested both individuals. They were subsequently brought to Delhi for further interrogation.
Mastermind and Confession
During questioning, Naresh Kumar Sikri, who works as a loan agent by profession, allegedly admitted to his role in the fraud. Police officials believe he was the mastermind behind the scheme. According to investigators, Sikri claimed that he was under financial pressure due to an outstanding bank loan and devised the plan to raise funds quickly by entering into multiple fraudulent sale agreements for the same property.
Authorities are now examining financial transactions and bank records to determine the full extent of the fraud and identify whether additional victims or accomplices are involved. The investigation is ongoing, and more charges could be added depending on the findings.
Broader Implications
This case highlights the risks associated with real estate transactions, particularly when buyers fail to verify the legal status of a property. Legal experts emphasize the importance of conducting thorough due diligence, including checking title documents, verifying whether the property is mortgaged, and obtaining a no-objection certificate (NOC) from the lending bank before entering into a purchase agreement.
Police have urged prospective property buyers to independently verify ownership records and loan status through official channels and to avoid making large payments without proper legal scrutiny. The case serves as a cautionary reminder that even seemingly legitimate transactions can conceal serious financial and legal risks if adequate verification is not undertaken.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
