The Economic Offences Wing of Delhi Police has arrested Wave Group Vice Chairman Manpreet Singh Chadha, son of late liquor baron Ponty Chadha, for allegedly cheating investors to the tune of over Rs 100 crore.
He was taken into custody on Wednesday night from the Indira Gandhi International (IGI) Airport when he was leaving for Phuket in Thailand.
The FIR has alleged that the company had defrauded investors of more than Rs 100 crore.
According to the police, a Lookout Circular (LOC) was issued against him earlier this year in connection with the cheating case.
The case against Manpreet and other promoters of the Wave Group was registered in 2018.
He will be produced before a magistrate today, police said.
Ponty Chadha was killed by his brother Hardeep in 2012, following which Manpreet has been managing the liquor and real estate businesses.
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