Director of real estate firm arrested for duping people to the tune of several crores

Delhi Police's Economic Offence Wing Friday arrested the director of a real estate firm from his Noida office for allegedly duping people to the tune of several crores of rupees by inducing them to invest in their pre-launch project, officials said.

The director of Big Bull Infrastructure, Yogesh Sharma, was arrested on a secret information, Varsha Sharma, Deputy Commissioner of Police (Economic Offences Wing), said.

Yogesh Sharma, along with other directors Chetan and Satyanarayana Sharma, had induced people to invest in their project 'Big Bull Ashiana' situated at Chandwaji, NH-8, Jaipur in Rajasthan, she said.

The trio then usurped the money obtained from the investors, the senior police officer said.

Investigations revealed that around 13 persons were duped of several crores, the officer added.

Yogesh Sharma has been taken into police custody, while other directors of the company, who are accused in this case, have not joined the investigation till date and are absconding, she said.

The alleged company had neither developed the said project nor obtained any approval from concerned authorities, the DCP said.

An investigation is underway to ascertain the details of the bank accounts and money siphoned off. Police teams have been formed to trace the whereabouts of the other accused directors, she said.

A case of fraud under appropriate sections of the Indian Penal Code against the accused and other directors was registered on 26 July last year, police said.