India, Dec. 29 -- With the arrest of five people, the Delhi Police claimed to have busted a luxury property fraud racket that has duped investors of around Rs.200 crore by selling them non-existent or fictitious bank-auctioned properties in Delhi-National Capital Region (NCR). One such non-existent property was in Gurugram's premium DLF Camellias.

The arrested members, including mastermind Mohit Gogia, 38, laundered the fraudulently earned money through multiple bank accounts. Meanwhile the crime branch is looking for more accused, most notable Ram Singh alias Babaji, who is believed to be the main handler of the money-laundering network.

Police said the syndicate was wanted in at least 14 cheating cases in Delhi, Punjab, Madhya Pradesh...