Press Esc to close
Friday 27 May 2016
News updated at 11:55 AM IST
Weather
Max: 33.2°C
Min : 22.2°C
In Bengaluru
Partially cloudy

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
Rishi Nair of Florida bites his metal after winning the 2016 National Geographic Bee...

Rishi Nair of Florida bites his metal after winning the 2016 National Geographic Bee...

Vehicles moving on a road during a dust storm in Bikaner...

Vehicles moving on a road during a dust storm in Bikaner...

Buddhist monks protest at Jantar Mantar in New Delhi on Thursday against killing of Tsering Tempa...

Buddhist monks protest at Jantar Mantar in New Delhi on Thursday against killing of Tsering Tempa...

College girls dressed in traditional attire perform cultural show during anniversary of NDA govt...

College girls dressed in traditional attire perform cultural show during anniversary of NDA govt...

Models walk on a ramp during fashion show of students of National institute of fashion technology...

Models walk on a ramp during fashion show of students of National institute of fashion technology...

President Pranab Mukherjee garlanding the bust of Tagore at Peking University...

President Pranab Mukherjee garlanding the bust of Tagore at Peking University...

Women of a tribal community take part in pitcher race during a tribal festival in Birbhum district..

Women of a tribal community take part in pitcher race during a tribal festival in Birbhum district..

The stray nilgai calf that was running frenzied near the Parliament House being rescued...

The stray nilgai calf that was running frenzied near the Parliament House being rescued...

A baby monkey continue to suckle as its mother try to quench its thirst from a drinking water tap...

A baby monkey continue to suckle as its mother try to quench its thirst from a drinking water tap...

World leaders at the start of the second working session of the G-7 summit meetings in Shima...

World leaders at the start of the second working session of the G-7 summit meetings in Shima...

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