The Delhi Police’s Economic Offences Wing (EOW) has arrested an MBA-trained director of a real eState firm for allegedly orchestrating a multi-crore fraud that cheated over 31 middle-class investors of their hard-earned savings. Yogesh Sharma, aged 38 years, a resident of Noida, Uttar Pradesh, and a declared Proclaimed Person, was apprehended by the EOW team from Noida on Wednesday. The police State that Sharma and his co-directors lured the public to invest approximately `2.3 crore in their pre-launch residential project, “Big Bull Ashiana”, at Chandwaji, on NH-8 near Jaipur, Rajasthan.
The arrest comes after multiple FIRs were filed across Delhi, Jaipur, and Noida against the company for cheating, forgery, and criminal breach of trust. The accused had gone into hiding after the company closed its office, leaving investors stranded. Sharma was already declared a proclaimed person by a court in connection with an earlier fraud case. According to the EOW, the modus operandi involved inducing investors, mostly from the middle-class segment, with the promise of plots. The company, however, failed to obtain mandatory approvals from the Jaipur Devel-opment Authority (JDA) for converting the land to residential use before accepting bookings.
Furthermore, the police investigation revealed that after collecting crores of rupees, Sharma and his associates sold the 18 bighas of land purchased in Chandwaji to other parties. The accused executed the sale deed for a portion of the land himself while also displaying project boards on an even larger tract of land that did not belong to him to mislead investors. The EOW noted that Sharma holds an MBA (Finance and Marketing) from IIPM, Qutab Instit-utional Area, Delhi. Being engaged in the same business, he was associated with co-directors and other accused persons in financial activities for a long time. He played an active role in conceptualising and executing fraudulent schemes to make quick profits at the expense of the public.
He utilised investors’ funds to purchase land in other areas instead of developing the project. He also frequently changed office addresses and circulated false pamphlets claiming the completion of seven projects, including the disputed Jaipur venture. The arrest was made by a dedicated EOW team following a court direction. Sharma has a history of previous involvement in at least five other criminal cases across Delhi, Jaipur, and Noida for similar financial offences. The EOW has urged the public to exercise caution and verify ownership and legal documents before investing their savings in any land or property deal.