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Man arrested for looting over Rs 400 crore from ‘4000 people’!!!

New Delhi: The Delhi Police said that they arrested a Delhi man for looting over Rs 400 crore from 4000 people under a fake Delhi Development Authority (DDA) policy on Monday. One of the main accused, Harender Tomar, 36, was absconding for a prolonged period and sold his old residential accommodation at Roshanpura and went underground. He was arrested at Kochi Airport by the Immigration Authorities while trying to escape to the Maldives.

“Amount of more than Rs 400 crores was collected by the Society from approximately 4,000 gullible investors and only 21.95-acre land was purchased in society through the registry and about 23.50 acres of land through GPA/Agreement to sell for the project in question. The cost of the dedicated land is less than half of the amount collected from the investors in the name of land cost and the remaining amount was misappropriated and siphoned off to various other entities,”  said the Economic Wing of the Delhi Police.

Tomar in cooperation with other associates, established a company ‘Shree SidhdhiVinayak Realtors and Securities’ and purchased land estimating approximately 11.77 acres, and sold it to the Society at very high rates ie double-triple of the overall rates in the appropriate span of time. According to Delhi Police, approximately amount of Rs 120 crore was shared from the Revanta Society to his company for the acquisition of aforesaid land. Tomar and his associates are the beneficiaries in crores of rupees of the misappropriated funds of the Society. All the appropriate bank accounts have already been got debit frozen.

Delhi Police said that the investigation has revealed that DDA envisaged a policy in the name of Land Pooling Policy for ensuring the availability of sufficient houses under planned development of Delhi and in anticipation of this scheme, various builders and promoters grabbed it as an opportunity to exploit the situation by showing rosy pictures to innocent flat buyers and raised huge amounts from them for bookings in the name of registration and allotment, etc. Further, investigation regarding the roles of other conspirators and associated persons are in progress. Three accused persons – Satender Maan (Ex-President), Pradeep Shehrawat (President), and Subhash Chand (Secretary) have already been arrested in this case.

As per the report procured from DDA, it has not given any consent or endorsement to any of these societies and no one is licensed to promote or market, book, sell, invite persons to buy any plot or flat in any project under the land pooling site without any prior registration of the project under RERA. Delhi Police said that various appealing plans were being drifted in the market by different societies and builders in the name of DDA’s Land Pooling Policy mandating registration fee and initial payment booking of flats.

“However, DDA has not issued any license or authorized any developer or builder, society, company to undertake the process of development in the sectors under land pooling policy. Further, DDA shall be able to issue such provisional or final development licenses once the sector is qualified for development,” said Delhi Police. They stated that as per the notified policy, to create the sector eligible for development, a minimum of 70% bordering land of the developable area within the sector free of hurdles is to be concerted.

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Delhi Police informed that as per the probe and the contents obtainable on the website, it has come out that the name of land pooling policy of DDA has been used to give an image and spread a message in the groups that the projects are duly licensed by the skilled authority. They added, “In this way, the facts have been misrepresented and the material information concerning the DDA’s approval on the proposed projects has been suppressed to induce the public at large.”

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