Delhi Police’s Economic Offences Wing (EOW) arrested the director of MVL Ltd., a real-estate company, for allegedly duping homebuyers to the tune of “several crores” by not handing over promised homes at their Bhiwadi (Rajasthan) project called The Palms.
The director, Prem Adip Rishi, was produced at a Delhi court on Thursday.
“The EOW has 10 cases against the accused. In 2012, the company procured money from several homebuyers and promised them flats within three years. They did not construct anything,” said Suvashis Choudhary, Additional CP, EOW. A case under IPC sections 406 and 409 (criminal breach of trust), and 420 (cheating) has been registered against Rishi.
An FIR was filed against Rishi and six more directors of the real-estate company in 2018, which said: “MVL Ltd. promised to deliver flats within three years i.e. by 2016 or latest by 2017. The company represented that it had all necessary approvals… In 2014, they announced a bhoomi pujan, but it didn’t happen.”
“Rishi had been absconding for a few months. We tried contacting him, and found out about a court hearing in another case. We arrested him from the court on Wednesday. We are trying to ascertain what he did with the money …. how it was siphoned, and who are the co-conspirators,” said Choudhary.