New Delhi: A director of a real estate company has been arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly duping more than 150 investors of around Rs 30 crore on the pretext of investing in his commercial project, Delhi Police said on Thursday.
The accused director has been identified as Deep Kanwar Singh Walia (41) a resident of Sector 16A, Chandigarh. Walia has a master's degree from the New Jersey Institute of Technology, USA. He used to work in the USA and later joined the alleged company Mist Avenue Pvt Ltd, Ravindra Singh Yadav, Special CP, Crime
said.
An FIR was registered against the accused under section 406/420/120B IPC at EOW Police station in December 2018.
In the said FIR, a complainant J.P. Kakkar and others alleged that in 2012-13, the alleged accused invited the investors through advertisements to part with their hard-earned money in his project i.e., Mist Avenue.
Initially, they claimed that they were going to build 33 storeys in 99 days and collected money with the malafide intention to dupe and cheat the allottees.
Apart from that, they kept raising multiple fraudulent demands without undertaking construction and even levied interest on the amount which was not due at that time on the part of the complainants and other allottees.
They further alleged that later on, they changed the project's name to "Festival City" and also changed the name of the company from M/s Avenue Pvt Ltd to Mist Direct Sales Pvt Ltd.