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Delhi Police arrested a existent property institution manager for defrauding investors of crores of rupees successful a Greater Noida project.(Representational Photo)
The Delhi Police arrested the manager of a existent property company, who allegedly duped radical of crores of rupees by promising them commercialized spaces and residential units successful Greater Noida, past week based connected a First Information Report (FIR) registered successful June 2022.
According to the complaint, the existent property institution launched a task successful Knowledge Park-III successful Greater Noida successful 2009, presenting it arsenic a state-of-the-art IT parkland that would location commercialized spaces, retail outlets, and residential units. Investors were lured with promises of speedy possession, assured returns, and proximity to large IT companies expected to found offices successful the area, said the Economic Offences Wing (EOW).
In September 2013, the complainant and his household booked 2 units nether Builder Buyers’ Agreements (BBAs) with the accused.
“The accused continued executing BBAs for the merchantability of units…even aft the expiry of the authorisation plan. Seventy-five complaints person been received with akin allegations against the builder to date. The accused institution signed the supra BBAs without immoderate authority, and provided the complainants with the defective rubric of the assorted spaces oregon shops purchased by them, without ever having immoderate authorization to transportation specified spaces. It is further alleged that the accused persons besides defrauded the investors by selling the aforesaid units to aggregate buyers,” Amrutha Guguloth, Additional Commissioner of Police (EOW), said Tuesday.
On January 13, EOW arrested the builder, who remains successful judicial custody.
The constabulary said helium allegedly admitted during questioning to orchestrating the strategy with the committedness of transportation wrong three-and-a-half years portion misusing funds received from buyers, said police.
The probe has besides recovered that the accused institution diverted crores from victims straight into institution accounts controlled by the accused. Additionally, the Noida Authority confirmed that the institution lacked authorisation to motion BBAs oregon merchantability spaces nether the lease conditions.
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