Manpreet Singh Chadha aka Monty Chadha, son of liquor baron Ponty Chadha, was arrested Wednesday night in connection with an alleged property-related fraud of over Rs 100 crore. Monty, vice-chairman of Wave Group, was arrested by officials of the Economic Offences Wing (EOW) of Delhi Police at the Indira Gandhi International Airport while he was leaving for Phuket in Thailand.
Additional CP (EOW) Suvashis Choudhary said a Look-Out Circular (LOC) was issued against Monty 10-15 days ago and he was called in to their office, but didn’t show up. The LOC was issued after a cheating case was registered against him and the group last year. The FIR has been registered against Uppal Chadha Hi-Tech Developers Pvt Ltd, directors Monty, Harmandeep Singh Kandhari and Gurjit Singh Kochar, officials Rajinder Singh Chadha, Kritika Gupta, and others, officials said.
Monty was produced before a magistrate Thursday. The Wave group did not respond to calls and messages seeking a comment.
As per the FIR filed on January 24, 2018, Uppal Chadha Hi-Tech Developers Pvt Ltd did not deliver their promised hi-tech township in Ghaziabad. The case has been registered under IPC sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) after a complaint was filed by K Ramesh, Kaveri Ramesh and others.
The FIR mentions that the projects, reportedly spread across 1,500 acres at first, were called Rosewood Enclave, Sunny Wood Enclave, Lime Wood Enclave and Chestwood Enclave, and comprised houses, villas, a golf course, helipads, an international school and college as well as shopping malls.
The FIR stated that the people promised homes had been “suffering at the hands of the accused for 11 years”. Choudhary said, “All 29 people who have approached police so far booked plots during 2005-06 and paid an amount of Rs 4.5 crore approximately.”
As per the FIR, in February 2005, the agents of Uppal Chadha Hi-Tech Developers Pvt Ltd “approached the public with an early-bird booking discount offer on plots in the proposed project… situated in the villages of Kachera, Dujana and Mehrauli of Ghaziabad. The possession of the plot was to be given within eight months from the date of allotment, as per the accused company’s documents”.
“The complainants received letters in November 2009 from the company, stating that all licenses and approvals were obtained, and the first phase of the 1,500 acres has been approved by the government,” Choudhary said. The FIR states that the accused company provided people with a “CD containing animated graphics of the proposed townships, the contents of which were indeed mesmerising,” Choudhary added.
On June 15, 2011, investors allegedly received demand letters signed by the vice-president of the company, according to which “the name of the project was changed to Wave City NH-24″, said Choudhary.
He said the company didn’t get any permission till 2013, but began collecting money from people 2006 onwards. A year later, as per the FIR, the people were “offered allotment in an instalment plan, and peripheral development charges were added”.
The FIR also states that “as of today, no approved developed plots as per law are available with the accused company and that farmers are seen farming on that land… there are no chances of completion of the project because we understand that the project land in question is in possession of the respective farmers and they are cultivating their land”.
Choudhary said Monty has another cheating case registered against him. Monty’s father Ponty Chadha and his uncle were killed in a shootout at a farmhouse in South Delhi in 2012 over an alleged property dispute. Since then, Monty has been managing the business.