The Economic Offences Wing of the Delhi Police today arrested a 65-year-old man for allegedly trying to sell a property mortgaged to a bank, the police said.
The accused related to a family that owns a prominent pharmaceutical company, they said.
Bhai Manjit Singh was arrested and was sent to 14 days judicial custody by a court, the police said.
A case was registered on June 24 last year against Singh for allegedly trying to sell his property located at Prithviraj Road in Lutyens’ Delhi even though it was mortgaged with the bank, the police said.
Singh struck a deal for selling the property at Rs 245 crore with businessman Ashok Gupta. An initial payment of Rs 4.30 crore was also made to Singh, they said.
However, when Gupta learnt that the property was mortgaged, he asked Singh to return the money, the police said.
Singh did not entertain Gupta, who filed a police complaint, and after a year-long probe, he was arrested today, the police said.