Two realtors who allegedly cheated people on the pretext of investments in two Navi Mumbai residential township projects have been arrested by the Economic Offences Wing of the Delhi Police. The accused had amassed over Rs.18 crore and purchased properties in their own names from the ill-gotten money.
Pavan Datta (52) and Gagan Deep Chawla (42) of Lakshish Infrastructure had floated two projects named Bollywood City and Amara Retreat in Navi Mumbai. The EOW received a complaint against them from a senior citizen who had invested Rs.15 lakh one of the projects.
“The accused had floated partnership firm Lakshish Infrastructure & Town Planners and a company named Lakshish Habitats Limited. The two entities proposed township projects Bollywood City and Amara Retreat and got brochures making lucrative offers to attract investments. They also got their interviews published in leading business journals making tall claims,” said Additional Deputy Commissioner of Police Sanjay Bhatia.
People made investments on the assurance that the land will be purchased in their names and that they will be handed over developed plots and flats on execution of a development agreement with them.
“However, only about 10 acre land was purchased in the name of some investors and over 100 acre was acquired in the name of the accused directors and their family members. Over Rs.18 crore was collected from investors and the money was misappropriated. We found that no approval for land usage was obtained from the authorities. When the investors started making enquiries, the accused shut shop and went underground,” said the officer.
Based on the complaint, the EOW registered a case and arrested the accused directors. “Investigations revealed that the accused had withdrawn huge sums in cash from the companies’ bank accounts. Affairs of the alleged company were also probed by the Serious Frauds Investigation office of the Ministry of Corporate Affairs on the Delhi High Court directions. Nearly 153 acre land purchased by the accused persons in Maharashtra has been identified and frozen,” the officer added.
