Police said on Wednesday that a 58-year-old civil engineer was arrested on charges of arresting people on the pretext of investing in real estate.
Police said that Sanjay Chawla, a resident of Gurgaon cheated 53 people around Rs 9 crore.
An official said that according to a complaint, Adele Landmark Limited pre-launched a project called ‘Cosmo Court’ in March 2011, which was scheduled to come up in Sector 86, Gurgaon.
The official said the firm and its representatives misled investors that it had already acquired 17 acres of land and obtained a license to start the project.
He said that the complainants started paying for bookings for the project at the pre-launch stage, stating that it was too modest at this stage and that the rates would double after the project was officially launched.
The company started accepting booking money from investors long before obtaining the necessary approvals from the authority. The official said that the project was abandoned and the amount was not refunded.
Investigation revealed that Chawla was a director and one of the authorized signatories in the company. Additional Commissioner of Police (EOW) Raj Kumar Singh said that he was arrested on Monday and later released on bail.
Police said that Chawla used to convince most customers to put their money.
Earlier, Sumit Bharana and Hem Singh Bharana, who were the promoters of the project, were arrested in the case, police said.
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