"Their arrests followed investigations into a complaint filed by a senior citizen in November, 2011. The victim had invested R15 lakh in an upcoming residential township project off the Mumbai-Pune Expressway in Maharashtra which was later found to have not received the necessary government approvals," said additional DCP Tyagi.
According to the police, the investors were lured into investing on the assurance that the land would be purchased in their names and they would be handed over developed plots and flats following the execution of a development agreement with them.
However, only about 10 acres was purchased in the names of some of the investors as against the accused purchasing more than 100 acres of land in their own names.
"A police team kept surveillance on the movement of accused, which resulted in their arrest from Delhi. Around 153 acres of land, purchased by them in Raigad district of Maharashta in their individual names or in the names of their family members, has been identified and frozen. Further diversion of funds is being ascertained," Tyagi added.