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

Press Trust of India  |  New Delhi 

Delhi Police's Economic Offence Wing Friday arrested the of a firm from his 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 of Big Bull Infrastructure, Yogesh Sharma, was arrested on a secret information, Varsha Sharma, of Police (Economic Offences Wing), said.

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

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

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

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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 21:05 IST