New Delhi, January 23
The Delhi Police Economic Offences Wing (EOW) arrested the director of a real estate company, who allegedly duped people of crores of rupees by promising them commercial spaces and residential units in Greater Noida.
According to the complaint, the real estate company launched a project in Knowledge Park-III in Greater Noida in 2009, presenting it as a state-of-the-art IT park that would house commercial spaces, retail outlets, and residential units. Investors were lured with promises of quick possession, assured returns, and proximity to major IT companies expected to establish offices in the area.
In September 2013, the complainant and his family booked two units under Builder Buyers’ Agreements (BBAs) with the accused.
The accused continued executing BBAs for the sale of units…even after the expiry of the sanction plan. Seventy-five complaints have been received with similar allegations against the builder to date. The accused company signed the above BBAs without any authority, and provided the complainants with the defective title of the various spaces or shops purchased by them, without ever having any authority to transfer such spaces. It is further alleged that the accused persons also defrauded the investors by selling the same units to multiple buyers.
The EOW added that thr investigation has also found that the accused company diverted crores from victims directly into company accounts controlled by the accused. Additionally, the Noida Authority confirmed that the company lacked authorisation to sign BBAs or sell spaces under the lease conditions.
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