India, April 25 -- The Economic Offences Wing of Gurugram police arrested two directors of a shell firm on Thursday from Noida's Sector 62 for allegedly duping a resident of Rs.5.4 crore in two fake real estate projects investments.

According to officers, the accused are a 60-year-old resident of Gautam Nagar in Delhi and a 40-year-old from Brij Vihar in Ghaziabad. Police said the two had formed a shell firm to dupe people by making them invest in fictitious real estate development plans.

They showed two land parcels - one of 35 acres in Silokhra in Sector 41 and another of 30 acres in Vaishali, Ghaziabad -- to the complainant and said these were upcoming real estate projects.

Both the lands, owned by a deceased religious figure, has a...