Builders most common economic offenders in 2020, fake DDA land schemes emerge as newest MO

New delhi: From cheating buyers on the pretext of selling them flats to duping people through Ponzi schemes, bank frauds and business rivalry cheatings, economic offences in Delhi have had their time in 2020. Significantly, Delhi Police data showed that a majority of these cases are against builders for cheating gullible homebuyers.

"67 cases were related to builders and their alleged frauds, whereas 20 cheating cases on the pretext of DDA Land-Pooling Policy were also registered by Delhi Police last year," the data showed.

As per EOW, DDA Land-Pooling Policy Fraud prominently emerged during 2020. "This is a fraud in which people invested in various housing schemes without verifying the credentials of the societies and physical verification of the land. None of these societies had obtained necessary permissions from the concerned authorities for undertaking housing projects," the official said.

The data further shows that about 39 cases of inter-company business frauds, 31 cases of multi-mortgage of property frauds, 20 Ponzi schemes and chit fund cases, 18 bank and NBFC frauds and 17 cooperative group housing frauds were reported last year.

According to EOW, people became victims easily due to the lucrative promises of high returns or quick delivery of a house. "Proper verification of investment agencies was not carried out before investing money in housing projects and other financial institutions. Proper transaction documents and receipts were not obtained," the official said.

In corporate frauds, companies, banks and NBFCs were cheated by unscrupulous persons as due diligence was not done by the lending institutions. And as is the case with any loan fraud, the Delhi Police also found that many insiders were in on the conspiracy and connived with other accused.

Joint Commissioner of Police (EOW) OP Mishra said the year 2020 has projected a victim-friendly face of EOW. The relentless endeavour of apprehending absconding economic offenders has enhanced the professional credibility and trust of the general public.

The data shows that in 2017-286 cases, 2018 — 493 cases, 2019 — 392, 2020 — 268 cases of economic offences were received and registered. "In the year 2017 — 133 people, 2018 — 144 people, 2019 — 192, 2020 — 243 people were arrested," data shows.

"Disposal of old cases and complaints in a dedicated time frame will continue to be the topmost professional priorities," Joint CP Mishra said. Data shows that in the year 2017 — 139 cases, 2018- 238 cases, 2019 — 269, 2020- 306 cases were disposed of by EOW.