JOIN USThe president of a housing society has been arrested for cheating Rs 1.40 crore on the pretext of providing residential plots and flats in Mohali, police said on Friday.
The accused has been identified as Virinder Singh, the president of Coop Employees House Building Society. He was arrested by Delhi Police’s Economic Offences Wing.
A case was registered on the complainant of Ashish Sharma, who alleged that he was duped of Rs 1.40 crore by Ritesh Bhatia, the director of Rohan Build Tech along with officials of the society.
During investigation, it was revealed that Rs 1.40 crore was deposited in the bank account of Rohan Build Tech. A payment of Rs 95 lakh was made on the directions of Virinder and a man named Harjinder Singh to purchase land for the society.
Harjinder issued receipts of the payment and share certificates against the payments. “It was also revealed that instead of purchasing the land in favour of the society, the accused got the land purchased in their name and further sold it and siphoned the sale consideration,” said Mangesh Kashyap, Additional Deputy Commissioner of Police (Economic Offences Wing).
The modus operandi of the accused society officials was that they induced new members on the pretext of providing residential plots and received payments by issuing share certificates. From that money, they purchased land in their names and sold it in market.
“At the time of taking money from the complainant, the society had no licence or permission from the land-owning agency,” Kashyap added.