Archive · 26 Dec 2025
Mumbai Police Arrest Man in ₹11.35 Crore Flat Fraud
A 60-year-old man named Akhtar Sheikh was arrested in Mumbai for a big property fraud.
He used fake documents to sell a flat that wasn't his and got a loan of ₹11.35 crore from a bank.
The real owner of the flat, Alpesh Jain, found out when the housing society checked the papers.
The police are still investigating to find out more about the fraud and catch other people involved.
The man was caught near the Andheri Metro Station and will go to court soon.
Akhtar Sheikh (60) was arrested by the Economic Offences Wing (EOW) of Mumbai Police for a ₹11.35 crore property fraud.
The fraud involved forging the identity of the flat owner, Alpesh Jain, to sell the property and secure a bank loan.
The flat was used as collateral to obtain a loan from Utkarsh Small Finance Bank in Vashi, Navi Mumbai.
Forged documents, including a fake sale deed and power of attorney, were used between December 2024 and August 2025.
The police are investigating to uncover the larger conspiracy and recover the defrauded amount.
- Who
- Akhtar Sheikh (60), a resident of Andheri East, Mumbai
- What
- Arrest in a ₹11.35 crore property fraud case involving forged documents
- When
- Arrested on December 25, 2024, with fraudulent activities occurring between December 2024 and August 2025
- Where
- Andheri Metro Station, Andheri East, Mumbai
- Why
- To sell a Bandra flat illegally and secure a bank loan using forged documents
- Accused Name
- Akhtar Sheikh
- Age
- 60
- Location of Arrest
- Andheri East, Mumbai
- Fraud Amount
- ₹11.35 crore
- Property Location
- Iconic Tower, Bandra West
- Loan Amount
- ₹11.35 crore
- Bank Involved
- Utkarsh Small Finance Bank, Vashi, Navi Mumbai
- Complainant
- Alpesh Narpatchand Jain
