The Central Crime Branch (CCB) of the Greater Chennai Police (GCP) has arrested five persons, including two women, in connection with an alleged property fraud involving the illegal transfer of a mortgaged property in T. Nagar through forged documents, causing a loss of ₹35.5 crore to an asset reconstruction company.The police said Suresh Mangattu Variam, representing Mumbai-based Phoenix ARC Pvt. Ltd., lodged a complaint with the City Police Commissioner, alleging that a 9¼-ground property with an apartment complex on Venkatanarayana Road, belonging to P.K.S. Prasad, 63, and P.J.K. Sairam, 62, had been mortgaged with Andhra Bank in 2015 to secure a loan of ₹28.56 crore. As the borrowers allegedly failed to repay the loan, the account was classified as a non-performing asset (NPA), following which the firm acquired it. Subsequently, Prasad, Sairam, Jayalakshmi, J.N. Ramji alias Jagath Ramji, 61, and Sai Lakshmi, 60, allegedly approached the company and entered into an agreement promising to clear the outstanding dues of ₹35.5 crore in three instalments.However, the accused allegedly concealed Phoenix ARC’s rights over the property and executed a settlement deed in favour of Samarpana Trust, an entity allegedly controlled by them in Bengaluru. The settlement deed was registered at a Sub-Registrar’s office in Bengaluru without the knowledge of the complainant company.Police said the accused later used the allegedly fraudulent settlement deed to transfer approximately 3,000 sq.ft of the property to Chennai Metro Rail Limited and received compensation of ₹13.40 crore.They allegedly failed to remit the outstanding dues of ₹35.5 crore to Phoenix ARC, thereby cheating the company.Based on the complaint, the Central Crime Branch registered a case and launched an investigation. They subsequently arrested Prasad, Sairam, Ramji, Sai Lakshmi, and Sai Prabha, 66. Published - June 05, 2026 12:36 am IST