A man has been arrested for allegedly duping flat-buyers of a residential project by the Delhi Police's Economic Offences Wing, police said Wednesday.
The accused, identified as Diwakar Sharma, the managing director of Shubhkamna Buildtech Private, was arrested on September 6, they said.
The complainant society 'Techomes Flat Buyers Welfare Association' gave a complaint on behalf of 49 members of the society, alleging that the buyers had purchased flats in the residential project namely "shubhkamna-advert techomes" being developed by the alleged firm at a plot in Sector-137 of Noida, a senior police official said.
The complainants alleged that the firm gave assurance of giving physical possession of their flats within 36 months from the start of construction, which started on February 2, 2011, the officer said.
The buyers have paid nearly 90 per cent of the total sale consideration of their respective flats in terms of the payment schedule. But later the builder had stopped the construction all of a sudden, the officer added.
During the course of investigation it has been found that the accused collected crores of rupees from the buyers. An investigation of the case is in underway, the officer added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)