Realty firm's boss held for 1,000cr fraud
The EOW had registered three cases in connection with two projects launched by Vigneshwara Developers and its sister companies at Manesar and Gurgaon
Nov 01, 2014
Source : The Times of India

 

NEW DELHI: The managing director of Vigneshwara real estate group has been arrested by the economic offences wing (EOW) of the Delhi Police for allegedly duping hundreds of people of more than Rs 1,000 crore. There were nine FIRs registered against the accused, Sunil Dahiya, at various police stations across the NCR.

Police said Dahiya was wanted in several cases of fraud and cheating. Soon after his arrest on Friday, Dahiya complained of uneasiness. A medical examination was conducted and all his parameters were found to be normal. He was declared fit, the police said.

"Following a tip-off, our team laid a trap at Sunder Nagar on Friday. Dahiya came to Sunder Nagar in a chauffer-driven BMW car. He was apprehended and brought to EOW's headquarters on Mandir Marg where he was arrested after a round of interrogation," said Mangesh Kashyap, DCP, EOW.

Eight mobile phones, an iPod, a laptop, several credit/debit cards and other documents were recovered from him. The car in which Dahiya was traveling is registered in the name of Vigneshwara Developers Pvt Ltd. The vehicle has also been impounded.

The police claim that he was aware of the surveillance on him and was trying to evade arrest by staying in various five-star hotels in the city for quite some time. On Friday, he was planning to leave for Chandigarh prior to his arrest.

The EOW had registered three cases in connection with two projects launched by Vigneshwara Developers and its sister companies at Manesar and Gurgaon. "At least 700 people had invested in the two projects. So far, the EOW has received complaints from about 350 investors who have been allegedly cheated to the tune of Rs 160 crore by the directors of the accused company," Kashyap said.

The total amount of their fraud exceeds Rs 1,000 crore, the police said.

The directors-Sunil Dahiya, Sanjay Dahiya and Daryao Singh-allegedly induced people through advertisement as well as by way of personal assurances to invest in the projects. "They also induced people to enter into a barter transaction whereby investors were made to sell off their immovable properties to Vigneshwara group. The group made the payment against the sale but got the same invested back in its projects thereby retaining its money," Kashyap added.

The directors of the company made unrealistic promises to general public regarding the projects and assured abnormally high rate of returns, the police said.

However, they neither paid the returns assured by them nor made any efforts to fulfill their promises regarding the execution of projects. The company also did not have all the approvals required for the projects, the police claim.

Dahiya was produced in a court, which remanded him in police custody.

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