Case against 52-yr-old man for duping investors

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New Delhi, Nov 9 (PTI) A 52-year-old man, who is a director of a realty company, was arrested for allegedly duping people after alluring them to invest in a proposed residential township project in Greater Noida, police said on Monday.

Brij Bhushan Gupta, a resident of Sector-Chi-IV in Greater Noida, was arrested from Panchkula in Haryana, they said.

Rajesh Gupta along with 22 others lodged a complaint saying that they were allured into investing in a proposed residential township project, Ryne, by M/s Primrose Infratech Pvt Ltd in Greater Noida's Chi-V sector, a senior police officer said.

In July 2012, without requisite approvals, booking of flats started in an associate company, M/s Realcraft Buildtech Pvt Ltd, the officer said.

The victims were promised that they would be given possession of developed flats, having world-class amenities, within 36 months, police said, adding that the complainants were told that requisite approvals for the project had been taken from government agencies concerned.

In reality, even the building plan for the project had not been sanctioned by the Greater Noida Development Authority, when the bookings started, they said.

In total, Rs 103 crore was collected against 438 flats, the officer said, adding that but till date, the project is incomplete and the complainants have not been handed over their flats.

'On completion of preliminary inquiry, a case was registered on August 13, 2018, against the M/s Primrose Infratech Pvt Ltd and M/s Realcraft Buildtech Pvt Ltd and their directors,' Joint Commissioner of Police (Economic Offences Wing) O P Mishra said.

Investigation revealed that bookings were accepted without having requisite approvals. Out of the total proposed 754 units, 438 units were sold and around Rs 103 crore was collected, police said.

Mishra said the accused directors diverted the money collected which was meant for construction of the project. Money had been diverted for creating personal assets, he said.

Police conducted several raids in Rajasthan, Haryana and Chandigarh and finally apprehended Brij Gupta from Panchkula on Sunday, Mishra added. PTI NIT NIT ANB ANB