Directors of Arrow Engineering Ltd arrested for Rs 2.5 crore fraud
The economic offences wing of the Raigad police on Saturday arrested Arrow Engineering Ltd’s managing director Vineet Malhotra and director Gaurav Khanna for allegedly duping flat and plot buyers of nearly Rs 2.5 crore after they surrendered before a court in Pen. They have been sent to police custody for seven days till Friday.
The builders have been charged with cheating buyers by promising them flats at their Arrow City Manhattan project in Pen taluka of Raigad. Forty-four complaints from across the country, including cities like Mumbai, New Delhi, Navi Mumbai, have been lodged against them.
Earlier, the Supreme Court had rejected their anticipatory bail applications. The Bombay HC had earlier released on bail another director of the company, Natasha Malhotra. A fourth director, Neeraja Jawa, too has got anticipatory bail from a sessions court in Alibaug.