New Delhi: Two real estate dealers were arrested for embezzling money in people invested in luxury apartments in Delhi / NCR, police said on Thursday.
The defendant has been identified as Pawan Bhadana (37), a resident of Noida, and Ravi Kumar Shukla (37), a resident of Greater Noida Barat, they said.
They brought gifts from Rs 25,000 each in their arrest, police said.
The defendant was arrested from various places of Ghaziabad and Noida in Uttar Pradesh, Commissioner with Police (crime) Dheeraj Kumar.
During the interrogation, Bhadana revealed that in 2006, he began working as a broker in a real estate company and then started its own company and project in Delhi / NCR and appointed him to their director, said Kumar.
One of these projects called ‘The Willows Luxury Apartments’, started under Real Estate Firms ‘Dreamland Promotors and Consultant Pvt Ltd’ at the Republican intersection, NH-24 Ghaziabad, police said.
Bhadana lured a number of people to invest in a project that offered them high refunds and were embedded around Rs 1.75 Crore from the invested money, police said.
Then, he closed the company without telling investors and went underground, they said.
Some investors submitted brilliant officers at various Delhi police offices after they realized fraud, police said.
Shukla said that she used to work in Dreamland Promotors as an operational manager and was involved in cheating investors with Bhadana and Sanjeev Kumar Mavi, other directors of the company, police said.
Realty fraud deceives investors from RS 1.75 CR
