New Delhi: The Delhi Court has denied the guarantee of two directions of the city-based real estate company arrested for allegedly starting projects on the ground not owned by the company and selling the units needed.
The head of the Magistrate Metropolitan Magistrate Abhilash Malhotra said the granting of guarantees in such economic cases needed to be handled by “strict” so that people did not lose confidence in the criminal justice system.
The judge said that the prime facie was clear that accusing Sushant Mutreja and the company Nishant Mutreja did not have a clear degree in connection with the land in Uttar Pradesh.
“Approval of competent authority, the Ministry of Environment, the Indian government and the Central Groundwater Authority are not taken and the projects are launched illegally,” said the court in a command on July 14.
The judge said the crime was committed to an organized fashion and many investors who were easily tricked out of the money obtained with difficulty.
“Construction that can be ignored is done on all projects and there is no delivery that occurs in all projects.
The money intended for the project is illegally transferred to other shell companies,” Judge added.
Calling it a “serious economic violation”, the court said since investors who were easily tricked were cheated from the money obtained with difficulty, it did not find land for giving guarantees to the two accused people.
In particular, hundreds of investors filed complaints against the duo to deceive them from crores rupees.
Both were accused of five cases submitted in 2015 and 2016, investigated by the wing of the economic violation of Delhi police.
According to Guarantee orders, in the first case, around 175 investors submitted a complaint about the accusation around Rs 20 Crore, while in the second case, 377 complaints were received and the amount tricked by more than RS 62 Crore in connection with stain projects up.
In the third case, more than 157 complaints were received in connection with a project in Greater Noida, and more than RS 19 Crore was collected from investors and misused.
A total of 183 complaints were received from investors in connection with a project in Noida in the fourth case, while the last case belonged to Agra where investors made charges of false insurance from returns and non-shipping projects.
During hearing, the defendant’s advice told the court that if the guarantee was not given, investors would suffer because the duo would not be able to develop further with their efforts to revive the projects.
The two people accused of experiencing custody in all cases for 46 months, according to advice.
There is no guarantee for the Director of two companies in fraud cases
