EOW nabs realtor for duping 150 victims of nearly ₹30 crore

Deep Kanwar Singh Walia, the director in a real estate company, invited investors through advertisements to invest money in his project in 2012 and claimed that they were going to build 33 floors in 99 days

The Economic Offences Wing (EOW) of Delhi Police on Monday arrested a 41-year-old man from Chandigarh, who took money from the investors to give flats in 99 days and later cheated all of them.

Prisoner in prison with handcuff (Representative image/Getty Images/iStockphoto)

Ravindra Singh Yadav, the special commissioner of police (EOW), said that the accused identified as Deep Kanwar Singh Walia, the director in a real estate company, invited the investors through advertisements to invest money in his project in 2012 and claimed that they were going to build 33 floors in 99 days and collected money with mala fide intention to dupe and cheat the allottees. “As per the case registered against him in EOW police station – based on the complaint of JP Kakkar and other, 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. Walia also changed the names of the project and company same year. In the same year, Walia and his other associates assured that possession of the unit will be delivered by the year 2015. But they arbitrarily extended the date of completion to 2022 and forced the allottees to enter in a new contract with company with the changed name,” he said.

Yadav further said that after getting the new contact signed, the new company threatened to forfeit 35% of the paid amount, if any demand of returning the invested money is raised. “During investigation, the bank accounts and other details of Walia and his company were scrutinised and analysed, in which it was revealed that the company received nearly ₹30 crore from public at large, on the pretext to invest in commercial project. As Walia never joined the investigation despite repeated notices from the police, we obtained a non-bailable warrant against him from the court. Accordingly, the accused was arrested on Monday from a place in sector 16A in Chandigarh. Earlier, the EOW had arrested Satinder Singh Bhasin (44) in this case,” he said.

The special commissioner also said that Walia has a master’s degree from New Jersey Institute of Technology, US. “He used to work in US and later joined the alleged company,” he said.