A 58-year-old civil engineer has been arrested for allegedly deceiving people under the pretext of investing in real estate, police said on Wednesday.
Sanjay Chawla, a resident of Gurgaon, had deceived 53 people around Rs 9 crore, police said.
According to a complaint, Adel Repères Ltd had carried out in March 2011 a pre-launch of a project called “Cosmo Court”, which was to appear at sector 86 in Gurgaon, said an officer.
The firm and its representatives misled investors by saying they had already acquired 17 acres of land and obtained the licenses to start the project, the agent said.
They urged the plaintiffs to start making payments for bookings for the project in the pre-launch phase, saying it was very symbolic at this point and that rates would be doubled once the project was officially launched, said the police.
The company began accepting reservation amounts from investors long before the necessary approvals were obtained from the authority. The project was scrapped and the amount was not returned, the officer said.
The investigation revealed that Chawla was one of the directors and signing officers of the company. He was arrested on Monday and released on bail later, on court orders, said Additional Police Commissioner (EOW) Raj Kumar Singh.
Chawla used to convince most clients to invest their money, the police added.
Earlier, Sumit Bharana and Hem Singh Bharana, who were the promoters of this project, had been arrested in the case, police said.
(Except for the title, this story was not edited by The Bharat Express News staff and is posted Platforms.)