Realty firm’s boss held for duping investors of Rs 20 lakh
A 48-year-old managing director of a Pitampura-based real estate company has been arrested for allegedly duping over 500 investors of more than Rs 20 lakh by enticing them to invest in fake township projects.delhi Updated: May 04, 2013 01:55 IST
A 48-year-old managing director of a Pitampura-based real estate company has been arrested for allegedly duping over 500 investors of more than Rs 20 lakh by enticing them to invest in fake township projects.
The police said the arrested high-profile cheat, identified as Ratan Lal Garera, was declared a proclaimed offender in more than 10 cheating cases while he was evading arrest in over 50 similar cases. A cash reward of Rs 50,000 was declared on his arrest by the Delhi Police Commissioner.
Sanjeev Kumar Yadav, deputy commissioner of police (special cell), said Garera was arrested from Mumbai where he was hiding for some time. During interrogation, Yadav said, it was learnt that Garera had formed a real estate developer company, Alka India Private Limited, having its office at Pitampura in Delhi.
“His company was involved in construction of residential, industrial and commercial complexes and infrastructure development. In order to entice investors, Garera in 2010 gave advertisements in all leading newspapers of India regarding his new project “Tridev City” near Patanjali Yogpith, Haridwar on a 100 acres plot,” Yadav said.
The project gained huge popularity among the people and Garera started pre-launch booking for the project. He collected several crore rupees from more than 500 innocent investors. However, he neither acquired any land at Haridwar nor gave any plot to investors, the police said.
“When people started demanding their money, Garera went into hiding. A case of cheating was registered at the Subhash Place police station and he was later arrested. After being released from jail on bail, Garera again went into hiding,” Yadav said adding Garera, his wife and other associates were arrested by the Pune Police on charges of defrauding various banks of R25 crore.
Investigations have also revealed that the racket used to operate at various places including Ahmedabad, Delhi, Haridwar, Pune and Mumbai.