IANS

Three of real estate firm arrested for duping investors

New Delhi, Dec 2 (IANS) Delhi Police on Saturday arrested three officials of a private company for allegedly duping investors, officials said.

A case in this regard has been registered under sections of 409, 420 and 120 of Indian Penal Code (IPC) in EOW (economic offence wing) police station.

The investigators have found the company officials allegedly diverted a fund of Rs 191 crore deposited by the investors. Besides, they were also accused of failing to complete the project within the given period of time.

The accused have been identified as Surpreet Singh, Vijay Bahadur and Nirmal Singh. All of them hold the position of director in M/s Hacienda Project Pvt Ltd.

The company had booked apartments in a residential group housing project named Lotus 300 which comprises of 6 towers, at Sector 107 in Noida.

“The company had lured home buyers for an attractive offer to book residential flats. It also promised to complete the project in 39 months from the date of allotment letter in 2010. As the location of the project is ideal, a total of 328 home buyers invested in the project,” said an EOW official.

During investigation, it was found the company had extracted Rs 636 crore from investors and Rs 191 crore was diverted to its subsidiary company for another project.

“The company has started the construction of the project in 2010 with stipulated completion time of 39 months. The project is yet to be completed and delayed by more than four years,” the official said.

–IANS
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