The trio were arrested by Delhi Police’s Economic Offences Wing (EOW) Thursday. (File)
Sending bulk messages to their customers such as “buy land under DDA’s policy at Rs 20 lakh in Dwarka’s posh area,” and luring them with photos of properties in Dwarka, three men allegedly duped over 3,997 people of Rs 400 crore.
The trio were arrested by Delhi Police’s Economic Offences Wing (EOW) Thursday.
Police said the accused are from a real-estate firm called Rewanta Multi-State CGHS Ltd and were identified as Satender Maan (ex-president of Rewanta), Pradeep Shehrawat (president of Rewanta) and Subhash Chand (secretary).
The accused allegedly told people the DDA provided them with a portion of land and they are selling it under the Land Pooling Policy (LPP).
The policy was started by DDA to ensure availability of sufficient houses under the planned development model in Delhi. Though no licence was issued to builders and promoters, several people have duped others under the garb of this scheme. Police said in the present case, the accused showed people pictures of properties under this scheme and would ask money for ‘advanced booking’.
“They would charge Rs 10 crore for an acre of land and innocent buyers, who thought the DDA would provide them with good housing, would give the money,” said a senior police officer. Police said the fake project, called “Smart Residency”, was proposed to 3,997 investors.
JCP (EOW) Dr O P Mishra said, “An FIR was registered based on a complaint of a buyer, who said he was cheated to the tune of
Rs 20-30 lakh. We started investigating and found the three men were selling land under DDA’s proposed land-pooling policy. While we were probing the matter, we found the accused men had collected over Rs 400 crore under the garb of the scheme.”
“After taking money from investors, the accused would delay authorisation papers or the procedure... Hence, many people would invest more money so they could book their slot in the housing society,” said the officer.
Police said a report from DDA says it has not issued any licence to Rewanta. Police also found that the accused were involved in more than 16 cases of cheating and had been duping people under the garb of LPP for years.
The accused were produced in court on Friday.