Mumbai duo who duped investors arrested
New Delhi: Two realtors, who allegedly duped hundreds of investors of over Rs 18 crore by promising residential plots and flats in Navi Mumbai, have been arrested from Delhi, police said on Saturday.
Pavan Datta (52) and Gagan Deep Chawla (42), Directors of Real Estate Developer Company Lakshish Infrastructure, were apprehended by the Delhi Police`s Economic Offences Wing (EOW).
"Pavan and his associate Gagan had floated partnership firm by the name Lakshish Infrastructure. Two residential township projects namely `Bollywood City` and `Amara Retreat` were proposed by the said firm," Additional Deputy Commissioner of Police (EOW) Sanjay Tyagi said.
"World class luxuries were promised without obtaining the necessary approvals for the development of township project. The investors were lured to invest in the projects with the assurance that the land will be purchased in their names and they will be handed over developed plots and flats.
But in reality , only about 10 acres of land was purchased in the names of some of the investors and more than 100 acres of land was purchased in the names of the directors and their family members.
The duo had allegedly collected over Rs 18 crore from hundreds of the investors of both the projects, Tyagi said.
When the investors started making enquiries about the possession of flats and plots, Datta and Chawla closed the offices of the companies and fled, the police said.
"As much as 153 acres of land purchased by the directors in Maharashtra`s Raigad district in their individual names or their family members and others have been identified and sealed," the officer said.
More from India
More from World
More from Sports
More from Entertaiment
- Boyfriend murders DU student Arzu Singh; hides body in his house for three days
- International Fleet Review: India shows off naval prowess in "Operation Demo"
- Declared unfit for employment, man invents cost-effective electric car called Pixie!
- Can comments on social media against politicians land you in jail?
- Is Pakistan trying to divert India from issue of terrorism?
- Bangladesh scraps China-proposed deep sea port, India offers help to develop another
- Deepika Padukone reads letter written by father – Watch - You will be moved to tears
- Watch video: Samajwadi Party leader's celebratory firing kills 10-year-old child in Shamli
- Salman Khan miffed with Huma Qureshi –Sohail Khan affair reports?
- 'Road Romeo' beaten up by brave girl in Allahabad: Watch