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Businessman duped of Rs 1.5 crore in fake Mumbai housing investment scheme
Panchkula Mumbai housing scam sees EOW arrest accused for allegedly duping businessman of Rs 1.48 crore through fake luxury project promises.
The Economic Offences Wing (EOW) in Panchkula has arrested a man for allegedly cheating a businessman of Rs 1.48 crore. (File Photo)
The accused, identified as Amit Arjan Mirchandani, was produced before a court, and remanded in one-day police custody for further interrogation and recovery of evidence.
According to police, the accused allegedly enticed the victim, a Sector-7 resident, by claiming he was a prominent property dealer and that he had launched a high-end housing project named “Mirchandani Triton” in Mumbai.
He promised returns of 40 to 50 times the investment and to reinforce credibility, he invited the victim’s family to his residence and showed them fabricated brochures to convince them to invest.
Acting on the offer, the complainant and his family reportedly invested a total of Rs 1,48,50,000 (Rs 1.48 crore) in instalments between September and December 2024.
Police said that initially, the accused returned Rs 26 lakh to maintain confidence. However, when the time came to deliver the promised profits, he allegedly issued cheques worth Rs 69 crore to the complainant and Rs 28 crore and Rs 8 crore to other family members. When these cheques were deposited, he reportedly placed stop-payment instructions, leading to their dishonour.
When the victim demanded a refund, the accused allegedly issued death threats.
Based on the complaint, a case was registered on May 7, 2025, at the Sector-7 police station under relevant sections of the Bharatiya Nyaya Sanhita, including cheating and criminal breach of trust.
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The investigation was carried out under the supervision of EOW in-charge Inspector Sukhbir Singh, with Sub-Inspector Harendra Kumar leading the probe.
Police said the accused was arrested on Wednesday.
During questioning, according to the police, the accused admitted that he had lost the defrauded amount in share trading. Police said they plan to recover an iPhone allegedly used to circulate fake brochures and conduct searches at locations linked to his Zirakpur-based firm Amit Mirchandani Share Trading.
Deputy Commissioner of Police Panchkula Srishti Gupta said preliminary investigation has revealed that Mirchandani has a criminal history. Two cheating cases were registered against him in 2021 at the police station in Sector 5, Panchkula, and another case is pending in Kharar, Punjab. Additionally, one cheque-bounce case is pending in Mumbai and two in Chandigarh.
Police said efforts are ongoing to identify other persons involved in the network and to recover the remaining defrauded amount.
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