Two directors of the real estate firm Vigneshwara Group of Companies were arrested by the Economic Offences Wing (EOW) of the Delhi Police on charges of fraud on Thursday evening.
The company has allegedly duped nearly 650 investors of nearly Rs 260 crore over the last eight years. The two men, identified as Darayo Singh (79) and his son Sanjay Dahiya (36), were evading arrest for a long time, police said.
They were arrested from Room 102, Colonel’s Retreats At The Airport, a guesthouse in Sector 23A, Dwarka.
They were declared proclaimed offenders last November after they failed to appear in court in connection with several pending cases. Three mobile phones and a Honda Accord were seized from them, police said.
Sanjay’s brother Sunil Dahiya, the managing director of the company, was arrested on October 30 last year.
At the time, 350 investors had approached the EOW claiming the company had cheated them to the tune of Rs160 crore. Sunil Dahiya is currently in judicial custody.
Police said the EOW received complaints from nearly 650 persons who had invested in two projects launched by the group in Gurgaon. The complainants had invested nearly Rs 260 crore on assurances and promises made by the company directors.
“They made unrealistic promises to the investors. They did not have the approvals required for the projects. After collecting the maximum amount, the company neither provided them the returns nor fulfilled its promises,” Additional Deputy Commissioner of Police (EOW) Mangesh Kashyap said.
Police said the company stopped paying the monthly dividends promised to investors. Many investors complained that cheques given to them had bounced.
The directors also made unrealistic promises, police said. For instance, they promised an investor 12 per cent returns on a share and then ended up paying him only 1 per cent.
Also, those who had invested in its project in Sector-74, Gurgaon, complained that it was yet to take off and that the one at IMT, Manesar, which had started in 2006-07 was less than 30 per cent complete, police said.
Thirdly, police said the company indulged in a barter system — it got investors to transfer immovable property to the company and paid them an amount in return.
They then lured the investor to re-invest that amount in the same land.
In the process, the company got the land while the investor not only lost his land but also his money, police said.