Delhi EOW held two for misappropriation of funds from home buyers in Noida

New Delhi, July 1
The Delhi EOW held two from Delhi for misappropriation of the funds collected from the homebuyers in Noida.
The accused have been identified as Nishant Muttreja from New Rajinder Nagar and Sushant Muttreja from East Patel Nagar in Delhi.
The officials said that both the accused persons are real estate businessmen dealing in housing projects. Both are the directors of various companies involved in construction of different projects. They are presently managing and running many companies.
The EOW stated that accused company M/s Cosmic Structures Limited assured the victims that there are various schemes and various sizes of flats as per the requirement of different consumers in its project - Urban Young. It was further assured that the project will be completed within a period of two years. On this belief and promise of alleged company, various investors made bookings for the flats.
40 such investors, depositing approximately Rs. five crores with the alleged company have so far approached EOW with their grievances.
According to the EOW, the investigation revealed that that the concerned authority sanctioned the map plan of the project only in January 2015 whereas the bookings of the flats were started from the year 2013 itself.
The accused company is under liquidation and official liquidator has been appointed for this. It has also been revealed that the authority concerned has cancelled the sub lease deed of the land executed in favour of the alleged company.
The officials stated that the company induced the investors on different grounds including timely possession, for booking of the flats. They took bookings of the flats even before the sanction of the map plan of the project by the authority of NOIDA. The got into misappropriation of the funds collected from the homebuyers through diversion to other entities and later they neither delivered the possession of the project nor returning the invested amount to the homebuyers.