New Delhi, Jan 20 (PTI) Two real estate dealers were arrested for embezzling people’s money invested in luxury apartments in Delhi/NCR, police said on Thursday.
The accused have been identified as Pawan Bhadana (37), a resident of Noida, and Ravi Kumar Shukla (37), a resident of Greater Noida West, they said.
They were carrying a reward of Rs 25,000 each on their arrest, police said.
The accused were arrested from different places of Ghaziabad and Noida in Uttar Pradesh, Joint Commissioner of Police (crime) Dheeraj Kumar said.
During interrogation, Bhadana revealed that in 2006, he started working as broker in real estate firms and later started his own firms and projects in Delhi/NCR and appointed him their director, Kumar said.
One of these projects was called ‘The Willows Luxury Apartments’, started under the real estate firm ‘Dreamland Promoters and Consultant Pvt Ltd’ at Crossing Republic, NH-24 Ghaziabad, police said.
Bhadana lured a number of people to invest in the project offering them high returns and embezzled around Rs 1.75 crore of the invested money, police said.
Later, he shut down the company without informing the investors and went underground, they said.
Several investors lodged FIRs at different police stations of Delhi after they realised the fraud, police said.
Shukla said that he used to work in Dreamland Promoters as an operational manager and was involved in cheating investors along with Bhadana and Sanjeev Kumar Mavi, another director of the firm, police said. PTI NIT NIT VN VN
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