The managing director of Vigneshwara Developers was arrested on the charge of cheating around 350 investors to the tune of Rs 160 crore. Police said the Economic Offences Wing (EOW) had registered three cases against accused Sunil Kumar Dahiya.
On Friday, a Delhi court remanded Dahiya in five days police custody. He has also been sent to seven days’ judicial custody in two other cases of cheating.
According to police, Dahiya and other directors of the Gurgaon-based company have been booked for breach of trust and for allegedly not returning the investors’ money.
“They made unrealistic promises to the investors. They did not have the approvals required for the project. After collecting the maximum amount, they neither provided the returns or made efforts to fulfil their promises,” Additional Deputy Commissioner of Police (EOW) Mangesh Kashyap said.
On Thursday, police said they received a tip-off that Dahiya would be in Sunder Nagar. A team was sent to the spot and Dahiya was arrested.
Kashyap said Dahiya arrived at the spot in a chauffeur-driven BMW. “We have recovered eight mobile phones, one iPod, one laptop and several debit-cum-credit cards from his possession. He was evading arrest and was staying in various 5-star hotels. So far, we have found his involvement in eight cases of cheating,” he said.
During court proceedings on Friday, the public prosecutor pressed for Dahiya to be sent to police custody, arguing that it would allow a fair investigation in the case. However, counsel for the accused opposed it on the grounds that the project in question had not been stalled and was delayed due to “recession in the market”.
According to the prosecution, directors of the company allegedly lured investors to enter into barter transaction, whereby the investors were made to sell off their immovable properties to Vigneshwara Group of Companies. After making the payment against the Sale Consideration, the company got the investors to invest the property back in its projects.
In the other two cases, the prosecution alleged that the company promised 12 per cent returns on investment and said it would pay back
1 per cent of the total investment every month as interest.
Sanjeev Bakshi, one of the investors, alleged that he had not received payments since April and that the cheques issued by the company had bounced. Bakshi claimed that the project in Sector-74, Gurgaon, was yet to take off and the one at IMT, Manesar, which had started in 2006-07, was just 20 per cent complete.