Delhi Police nab managing director of real estate firm for fraud

The Delhi Police on Wednesday said they have arrested the managing director of a real estate company for allegedly duping flat buyers of crores of rupees. Police said the flat buyers had invested in the company’s residential society project at Noida’s Sector-137.

The Delhi Police on Wednesday said they have arrested the managing director of a real estate company for allegedly duping flat buyers of crores of rupees. Police said the flat buyers had invested in the company’s residential society project at Noida’s Sector-137.

Officials said the company had assured to give possession of flats to its buyers within 36 months from the start of construction. The buyers had paid 90% of the money. But the company stopped construction and the accused diverted the funds for his own use. (Getty Images/Picture for representation)

Deputy commissioner of police (economic offences ) MI Haider said Diwakar Sharma, managing director of Shubkamna Buildtech Private Limited, was arrested on September 6 in a cheating case that registered against the company in 2017.

Haider said the case was registered on a complaint that Techomes Flat Buyers Welfare Association filed on behalf of its 49 members who had invested money to buy flats in the project, “shubhkamna-advert techomes” being developed by Shubkamna Buildtech Pvt Ltd.

“The company had assured to give possession of the flat to its buyers within 36 months from start of the construction, starting February 2011. The buyers had paid 90% of the money. But the company stopped construction and Sharma diverted the funds for his own use,” said Haider.