Press Esc to close
Monday 01 September 2014
News updated at 1:10 PM IST
Weather
Max: 27.4°C
Min : 19.4°C
In Bangalore
Sunny day

Home buyers lose Rs 36 cr in fraud

New Delhi, May 6, 2014, DHNS:

A real estate firm owner was arrested for swindling over 1,500 prospective property buyers to the tune of Rs 36 crore.

Manoj Bhardwaj, 41, chairman and managing director of city based real estate company Arun Dev Builders Ltd, was booked for selling flats in a pre-launch project in Haridwar.

The company had proposed a township project ‘Arun Dev City: Haridwar’ in 2006 without prior registration, land, approval or sanction of the site plan, police said.

Bhardwaj was arrested on Saturday after Delhi Police got complaints from several buyers.
“Thirty-six buyers had filed complaints with various police stations,” Deputy Commissioner of Police of economic offence wing Sanjay Tyagi said.


He said police found out that the developer got no clearance from the Uttarakhand government.

Bhardwaj, who faces charges of illegal bookings of pre-launch properties, has been booked on criminal charges of conspiracy to defraud prospective buyers.

He is in police remand now.

Arun Dev Builders Ltd collected more than Rs 100 crore from buyers for projects in Shahpura, Bhiwadi, Jaipur, Mandawar and Faridabad without having approval from the competent authority or the government, police said in a press statement.

According to police, Bhardwaj started his career as a property dealer by buying agricultural land and selling it as small plots to individuals.

In 1997, he floated his own company, which lured middle class buyers into affordable housing projects.

The company induced gullible investors by selling dreams through luring brochures and advertisements, police said.

Go to Top

Photo Gallery
Vehicles ply on a waterlogged road after heavy rains in Bhopal on...

Vehicles ply on a waterlogged road after heavy rains in Bhopal on...

Amitabh, Aishwarya and Abhishek Bachchan visit Lalbagucha Raja Mandal at Lalbaug in Mumbai on...

Amitabh, Aishwarya and Abhishek Bachchan visit Lalbagucha Raja Mandal at Lalbaug in Mumbai on...

Rabbi Moshe Gourarie from New Jersey looks at a wall riddled with bullet marks from the 2008...

Rabbi Moshe Gourarie from New Jersey looks at a wall riddled with bullet marks from the 2008...

Childrens walks with an umbrella as it rains at Rajpath in New Delhi on Sunday....

Childrens walks with an umbrella as it rains at Rajpath in New Delhi on Sunday....

Bollywood actor Hrithik Roshan with father Rakesh Roshan and others participates in a procession...

Bollywood actor Hrithik Roshan with father Rakesh Roshan and others participates in a procession...

Devotees immerse idols of Ganesha into a lake in Thane , Mumbai on Saturday.

Devotees immerse idols of Ganesha into a lake in Thane , Mumbai on Saturday.

Prime Minister Narendra Modi during his visit to the Golden Pavillion Temple in Kyoto, Japan on...

Prime Minister Narendra Modi during his visit to the Golden Pavillion Temple in Kyoto, Japan on...

Bollywood actor Amisha Patel and family members participates in a procession for the immersion...

Bollywood actor Amisha Patel and family members participates in a procession for the immersion...

Prime Minister Narendra Modi during a meeting with CEO of Nidec Corporation, Shigenobu Nagamari...

Prime Minister Narendra Modi during a meeting with CEO of Nidec Corporation, Shigenobu Nagamari...

Prime Minister Narendra Modi during a meeting with Kyoto Mayor Daisaku Kadokawa in Kyoto, Japan...

Prime Minister Narendra Modi during a meeting with Kyoto Mayor Daisaku Kadokawa in Kyoto, Japan...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523