The Economic Offences Wing (EOW) of Delhi Police has nabbed a 52-year-old builder cum director of a company from Panchkula in Haryana for allegedly cheating buyers by diverting funds for own purpose.
The builder has been identified as Brij Bhushan Gupta, a resident of Greater Noida in Uttar Pradesh and director of Primrose Infratech Private Limited.
According to Dr O P Mishra, the Joint Commissioner of Police, EOW, Rajesh Gupta along with 22 more complainants filed a complaint that they were allured to invest in the residential township project namely ‘Ryne’ proposed by Primrose Infratech Pvt Ltd.
“In July 2012, without having the requisite approvals in place, the bookings of flats were started in associate company Realcraft Buildtech Pvt Ltd. The gullible victims were induced by making false promises of handing over the possession of developed flats, having world class amenities, within the period of 36 Months,” said the Joint CP.
“The directors of the company were having dishonest intentions since very beginning and misrepresented to the buyers that the company had obtained the requisite approvals to develop the project from the concerned Government agencies. Whereas, even the Building Plan was not sanctioned by the Greater Noida Development Authority, when the bookings were started. A total of Rs. 103 Crores were collected against the sale of 438 flats. Till date, the project is incomplete and these investors/victims have not been handed over possession of the promised flats,” said the Joint CP.
“A case was registered and the accused was absconding and deliberating evading his arrest but he was nabbed by the police team from Panchkula,” said the Joint CP.
“The accused diverted the money collected from the buyers, which was meant for construction of the project, for creating personal assets, leading luxury life and extending benefits in the form of loans and advances to related entities. It emerged that these directors had also diverted funds to their group companies and allowed this project to fail,” the Joint CP added.