Builder held for fraud

Builder held for fraud

 A 46-year-old builder has been arrested for cheating about 200 investors in a housing project in Haryana’s Faridabad district.

The accused has been identified as Asit Mittal, a resident of Noida Sector 50. He was held by the anti-land and building racket section of economic offences wing police station.

“Asit was involved in a project launched by Advantage Engineers and Development named Shivkala Glamour City in Faridabad,” said a police officer. About 200 people had invested in the project for delivery of flats by the end of December 2010 but the company failed to do so. 

The complainants reported that the company presented a rosy picture and lured them into investing in the project which was to come up in Faridabad Sector 49. “The complainants were told that the construction work shall start by May 2007,” the officer added.

The company collected money as booking amount, but did not have the valid licence, no objection certificate and permission from the Haryana Town and Country Planning Department. Further, the company entered into an agreement to sell for the same property with one ‘Dream Town Properties’.

“The accused persons neither returned the booking amount nor started the project,” the officer said.

The account opening form of the company revealed that Asit and a man named Mahim Mittal were the authorised persons on behalf of the company. They were signatories on all the cheques found credited in the account of the company.