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The police have arrested a man who along with his associates allegedly duped 250 homebuyers of Rs 29 crore on the pretext of getting them flats under a scheme of the Delhi Development of Authority, police said on Friday.
The accused Lokesh Gidwani, a resident of Noida, had been absconding after the dismissal of his anticipatory bail and was arrested on Thursday after the police received inputs that he would come to Delhi.
He along with three others had also created a WhatsApp group named "Fantastic Four" in which they discussed strategies on duping homebuyers in the name of DDA's land pooling scheme, they said.
The other three members of his group are still at large.
Besides Gidwani, five others have been already arrested in this case registered by the Economic Offences Wing (EOW) of the Delhi Police in January this year, a police officer said.
Explaining the modus operandi, the officer said under the garb of the Land Pooling Policy (LLP) of DDA, the accused lured victims with offers of affordable housing society projects at prime locations.
He then duped them by misrepresenting facts pertaining to LLP and used various marketing strategies and advertisements to lure investors.
Later, he along with the other three accused siphoned off and diverted the cheated amount for their personal gain, the officer added.
Joint Commissioner of Police (Economic Offences Wing) O P Mishra said out of over Rs 29 crores cheated from approximately 250 investors, only Rs 6.75 crores was utilised to purchase the land and the remaining amount of approximately Rs 22.25 crores was misappropriated and siphoned off to various other entities and for personal use.
"The office bearers of one of the society used to operate and function under the control of a person named Nivesh Global. But Gidwani along with other three associates had direct influence on the society," he said.
The officer said Gidwani carried out all the activities of the alleged society. He is the beneficiary in crores of rupees of the misappropriated funds of the alleged society.
All the relevant bank accounts have already been freezed, police said, adding they are also investigating the role of other conspirators and associated persons in connection with the case.
