Delhi Police nab MD of realty firm for fraud

Delhi Police nab MD of realty firm for fraud
14/09/2018 , by , in News/Views

The Delhi Police on Wednesday said they have arrested the managing director of a real estate company for allegedly duping flat buyers of crores of rupees. Police said the flat buyers had invested in the company’s residential society project at Noida’s Sector-137.

Deputy commissioner of police (economic offences ) MI Haider said Diwakar Sharma, managing director of ShubkamnaBuildtech Private Limited, was arrested on September 6 in a cheating case that registered against the company in 2017.

Haider said the case was registered on a complaint that Techomes Flat Buyers Welfare Association filed on behalf of its 49 members who had invested money to buy flats in the project, “shubhkamna-advert techomes” being developed by ShubkamnaBuildtech Pvt Ltd.

“The company had assured to give possession of the flat to its buyers within 36 months from start of the construction, starting February 2011. The buyers had paid 90% of the money. But the company stopped construction and Sharma diverted the funds for his own use,” said Haider.

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