Monty Chadha, vice-chairman of the Wave group and director of Uppal-Chadha Hi-tech Developers Private Limited was arrested by the Economic Offences Wing while he was flying from India to Phuket via Singapore.
During the course of hearing, the police pushed for Chadha's three days police custody. The Economic Offences Wing EOW told the court that they have searched Chadha's office and now want to search his residence.
Opposing the same, Chadha's lawyer Mohit Mathur submitted that settlement has been made. All the 28 complainants were given demand drafts for the settlement amount and Memorandum of Understanding (MoU) have been signed between the parties.
Chadha's lawyer told the court that the police is trying roving inquiry, the FIR was filed in 2018, how are they trying to expand the inquiry, he questioned.
A case was registered after over a complaint filed various homebuyers against Uppal Chadha Hi-Tech Developers Pvt. Ltd alleging that the company launched a project in 2006 at NH-24, Ghaziabad. The complainants alleging that the company alluded them by showing broachers and layout plan for the proposed township of about 1500 acres.
The possession of plots was to be provided within eight months from the date of allotment letters. All the 29 victims, who have approached the police so far, booked plots during 2005-06 and paying an amount of approximately Rs. 4.5 crores.
"The complainants received letters in November 2009 from the alleged company stating therein that all necessary licenses and approvals were obtained and the first phase of 1500 acres has been approved by the government. The details about sectors and plots were being finalized with the government."
"In 2011, they received a demand letter signed by Vice President of alleged company but to their utter shock and surprise the name of the company, the township and the address of the company were changed and all payments were sought in a new entity namely Wave City NH-24," said Suvashis Choudhary, Additional Commissioner of Police, Economic Offences Wing.
During the investigation, it was ascertained that the company had started accepting booking amount from the victims in 2005-2006. However, the site plan was sanctioned only on November 2103. Even after a lapse of 15 years, the alleged company neither provided plots to all the buyers nor refunded their invested amount.
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