Wave Group's Monty Chadha arrested while fleeing India

Monty Chadha, who is part of the Wave Group promoters and son of murdered businessman Ponty Chadha, was arrested from Delhi airport when he was allegedly trying to flee India while he faces charges of cheating people of around Rs 100 crore by offering flats at cheaper rates, police said on Thursday.

Monty, whose official name is Manpreet Singh Chadha, was apprehended on Wednesday night while he was trying to board a flight to Thailand, Additional Commissioner (Economic Offences Wing of Delhi Police) Suvashish Chaudhary said.

The case was registered against him and others in January 2018 by the affected people. A Look Out Notice was also earlier issued against him.

Wave Group Vice President Monty, whose father Ponty and uncle were killed in a gunfight over property dispute in 2012, is the director of Uppal-Chadha Hi-tech Developers Private Ltd. He is now part of the Wave Group's retail and entertainment businesses, which runs Centre Stage Mall, Westend Mall, Wave Cinemas and Wave Infratech, comprising the commercial and residential real estate.

According to the FIR, the Uppal-Chadha Hi-Tech Developers Pvt Ltd started approaching public in 2005 for owning property in a hi-tech city project in Uttar Pradesh's Ghaziabad. However, till January 2018, those who invested money in the project did not get possession of the property while there was no development in the project.

The company had advertised that flats with multiple facilities, including international school, college, shopping malls, gated boundary will be given to them within 18 months from the date of booking. However, the complainants claimed the company did not have land or licence from the government for the project.

The complainants approached the Directors of the company after they did not get provisional allotment of the plot or a refund with interest but were prevented by "hired bouncers" and "anti-social elements".

In 2011, the company allotted the flats to new applicants in Phase 1 while depriving those who had applied earlier. When objections were raised, they were allegedly told that they will get flats as the project size has increased from 1,500 acres to 4,500 acres.

"Now, even after 11 years and 65% to 85% payment, we are yet to get possession of the assured plot... As on today, no approved developed plot as per law are available with the accused company and farmers are seen farming in their land," the FIR said quoting the complaint filed in October 2017.

The complainants alleged that there was neither requisite permissions from the competent authority nor the work of project was going on. "There are no chances of completion of project in the near future because we understand the land in question in the possession of the respective farmers," they said.