EOW arrests realty group officials for cheating homebuyersUpdated: Feb 14, 2020 21:10 IST
The Delhi Police’s Economic Offences Wing (EOW) on Friday said they had arrested three senior office-bearers of a real estate company -- Revanta Multi State CGHS Ltd.—for allegedly cheating hundreds of homebuyers of nearly R400 crore on the pretext of offering flats in southwest Delhi’s Dwarka.
The company allegedly offered flats in L-Zone Dwarka under the Delhi Development Authority’s (DDA) land pooling policy even though the authority had not allotted any land for any housing project, EOW officials said.
Joint commissioner of police (EOW) OP Mishra said the company’s present president Pradeep Shehrawat, its former president Satender Maan and secretary Subhash Chand were arrested on Thursday in a case of cheating, criminal breach of trust and criminal conspiracy registered on December 26 last year.
“The first information report (FIR) was registered with regard to the Smart Residency Project of Revanta Multi State CGHS Ltd for duping investors in the name of DDA’s land pooling policy in L-Zone, Dwarka,” the joint CP said, adding there were 3,997 members in the society and 1461 members in the project. “They made a total payment of around R 400 crore,” he said.
According to Mishra, the arrested persons purchased lands in Dwarka at very high rates – R10 crore per acre against the circle rate of R53 lakh. Land facilitation agencies were incorporated and direct land deals with farmers were avoided to siphon off the funds to the tune of around R115 crore, he said.
Revanta Multi State CGHS Ltd officials could not be contacted for their comment despite several calls to the contact numbers available on its website. There was no response to queries sent to the company’s email ID.
Investigators said the real estate company had hired facilitation agencies and paid them around R115 crore for contacting potential homebuyers through phone calls, text messages or emails. The investors were first tricked into paying a token money to secure a slot and the society’s membership and took more money in the name of various “development charges”, said an EOW officer privy to the investigation.
According to Mishra, the DDA envisaged the land pooling policy for ensuring availability of sufficient houses under planned development of Delhi. Various builders and promoters grabbed it as an opportunity to exploit the situation by showing rosy pictures to innocent flat buyers. They raised huge amounts for advance bookings in the name of registration and allotment, he said.
After receiving complaints against the company, Mishra said, the police contacted DDA, which said it had not issued any licence or approval to the company.
A senior DDA official said, “We have been issuing public notices, informing people not to invest in such schemes as no land has been allotted to developers for any housing projects under the policy. We had issued nearly 30-35 such notices in the past. We want to tell people that before investing in any housing scheme, please check if the project is registered with RERA or if the developer has a provisional development licence issued by DDA.”
The EOW has registered 16 more such cases against various builders for allegedly cheating of buyers in the name of the land pooling policy.