Riyazuddin and Jagvir had sold 50 'bigha' land of Dhir Singh of Momnathal village after preparing fake documents.
The duo contacted Noida resident Jitender and struck a deal of Rs 3 crores for the land.
Jitender and two others purchased the land and paid Rs 2 crore and got the registry of the property done in their favour.
However, when the purchasers applied for mutation the fraud was detected. Local revenue officer told them that documents were fake.
The duo had committed the fraud with the help of five other persons, police said, adding that a hunt to nab the others has been launched.