Khushro Khusro Jalnawala, the businessman, allegedly offered to sell some open land at military dairy farm at Bowenpally and Bhaktavarguda here to complainant Tavinder Singh Kohli, Managing Trustee of Guru Nanak Educational Society, Secunderabad.
Jalanwala, who posed as a military officer, had in his possession fake papers showing transaction between defence authorities and himself, police said.
Kohli paid Rs 18.05 crore for the land between January 2010 to November 2011. When he realised that he had been duped, he approached the Central Crime Station last November.
A team of Hyderabad police recently visited Pune and apprehended Jalnawala and his wife Reena, a school principal.
The couple were produced before a court here today and sent in judicial custody, Inspector P Madhukar Swamy said. Further probe is underway.