The owner of a real estate firm has been arrested for cheating nearly 38 people of over Rs 1 crore, officials of the Economic Offences Wing said.
According to the police, Narendra Kumar Jain of NR Buildcon, a company with branches across India, was arrested on a tip-off from his house at 26, Bazar Lane, Jangpura in Bhogal, south Delhi.
- Accomplice absconding, say police
- Accused ran head office from CP
- 38 investors claimed both cheated them of nearly Rs 1.14 crore
"We had received complaints from 38 investors who claimed he cheated them of over Rs 1 crore over the last few months. Investigations are on," a senior police officer said.
The main office of NR buildcon Pvt Ltd was run from 72, Janpath in Connaught Place, sources said.
"Several complaints were lodged against the company at police stations across the Capital. As there were no leads, the case was transferred to the EOW some time back," a source said.
According to the police, Jain started the real estate company with his associate, Nasin Ahmed, a few years ago. "They neither had any land nor any permission or registration with the government to run the company. They, however, managed to cheat people to the tune of Rs 1.14 crore," the source said.
Police said they are on the lookout for Nasin Ahmed, who owns a house in Nizamuddin, and is absconding. Nasin is a native of Bareilly and had come to the Capital seven years back, sources said.
An FIR (561) was registered against Narendra at Connaught Place Police Station in September. He has been booked under Sections 406, 407, 106 B of the Indian Penal Code, police said. The police have Narendra's custody till Sunday, sources said.
Sources also told Newsline that the company's reputation was hit after several blogs were written against it.
Investors wrote that their advance amounts of several lakhs were neither refunded nor the plots allocated. They also wrote in the blogs that the cheques given by the owners bounced.
Source: Mohit Sharma From Indian Express 06/July/2008
