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.