A 42-year-old builder has been arrested for allegedly duping investors to the tune of crores of rupees on promise of providing them residential properties, police said today.
Manoj Bhardwaj, a resident of Khanpur area, was arrested by the Economic Offences Wing (EOW) of Delhi Police on April 3.
The accused had floated a company without prior registration and land sanction of site plan.
"Manoj had formed M/s Arun Dev Builders Ltd in 1997. His company in 2006 had proposed a township project 'Arun Dev City - Haridwar' without having prior registration, land, approval/sanction of site plan etc.
"Manoj induced gullible investors by showing rosy pictures through luring brochures and advertisement and collected a huge amount of Rs 36 crore, taking bookings from around 1,500 investors," said DCP (EOW) Sanjay Tyagi said.
Police said that after completing his graduation, Manoj stared small sale-purchase of the property in unauthorised colonies in Delhi.
In 1994, he started purchasing agriculture land and sold it in the form of small plots to individual investors, they said.
Tyagi also said that Manoj's company has collected huge money more than Rs 100 crores from the flat buyers against their bookings, by pre-launching projects in Shahpura, Bhiwadi, Jaipur, Mandawar, Faridabad with approval from the competent authorities.
