NEW DELHI: A real estate developer was arrested for allegedly defrauding his investors of Rs 30 crore in a fraudulent property scheme, an official said on Tuesday. Harinder Bashista (49), the director of private estate developers was taken into custody on January 13 and remains in judicial custody, they said in a statement.
The case stems from a complaint filed by Sunil Gupta on May 24, 2022, which led to the registration of FIR on June 3, 2022. Gupta and numerous other victims accused the developer of luring them into purchasing units in the project in Knowledge Park-III in Greater Noida, read the statement.
According to the police, the project, launched in 2009, promised office spaces, residential units, a commercial mall and other amenities in a prime locality where leading IT companies were supposedly setting up operations.
By 2013, Bashista and his associates allegedly convinced buyers, including Gupta, to invest in the project by presenting fraudulent documents and offering enticing returns on their investments, it further read.
“Buyers signed Builder Buyers Agreements (BBAs) believing they were purchasing legitimate commercial spaces. However, investigations revealed that the company lacked the authority to transfer these properties. It is further alleged that the same units were sold to multiple buyers, compounding the losses for investors,” it said.
Additional Commissioner of Police (EOW) Amrutha Guguloth said that Gupta and his associates have defrauded their investors of around Rs 30 crore.
Despite assurances of possession within three and a half years, buyers were left without their promised units. To date, the project remains incomplete with 75 complaints registered against the builder. The company is accused of collecting significant sums from unsuspecting investors while failing to deliver on its promises.
