Delhi Police arrests member of ‘Fantastic Four’ group for cheating Rs 29 crore under DDA’s land pooling scheme
The group is accused of misappropriating funds in the name of government housing policy by luring victims of fruitful returns.Updated: Nov 20, 2020, 17:09 IST
Delhi Police on Friday arrested Lokesh Gidwani, a member of the ‘Fantastic Four’ group that is involved in duping home buyers under the false claim of land pooling policy of the Delhi Development Authority (DDA). The group is accused of scamming over Rs 29 crore of around 250 investors.
The group is accused of misappropriating funds in the name of government housing policy by luring victims of fruitful returns.
According to DDA, no individual entity is authorized to advertise, market, book or sell or invite purchase any plot or flat for any project in the name of land pooling without registration of the project under Real Estate (Regulation and Development) Act, 2016. On the website, DDA also claims that it has not issued any license or approval to any housing project under the land pooling policy as of date.
DDA’s land pooling policy came as a measure to build and provide sufficient houses through proper urban planning for Delhi-NCR. This scheme is used by various builders, promoters and individuals to con the innocent buyers. DDA has numerous times come with cautionary warnings to alert the citizens about societies, developers, companies and promoters that float misleading advertisements about the housing scheme.