Company director arrested for duping more than 150 people out of Rs 30 cr

A 41-year-old director of a property company has been arrested for allegedly deceiving more than 150 people to the tune of Rs 30 crore into investing in his business project, police said on Thursday.

Defendant Deep Kanwar Singh Walia, a resident of Chandigarh, was arrested by the economic crimes wing on Monday in connection with a 2018 cheating case filed against him, they said.

Police say the case was filed against him on a complaint by victim JP Kakkar and others alleging that in 2012-2013 the accused invited investors through advertisements to invest in his project .

According to the plaintiff, the company initially claimed that it would build 33 floors in 99 days and collected the money with the dishonest intent to dupe and deceive the beneficiaries.

Apart from this, they continued to raise multiple fraudulent claims without undertaking any construction and even charged interest on the amount not due at that time from the plaintiffs and other beneficiaries, said he declared. Later, the accused changed the name of the project and also that of his company. In 2012-2013, the director of the company had also assured that the possession of the unit would be delivered by 2015, but had arbitrarily extended the date of completion until 2022 and forced the assignees to enter into a new contract with them. “The project has been excessively delayed without any construction being carried out. The company has also threatened us to confiscate the amount of 35% if a request for the return of the money invested is raised. The company does not return the units awarded nor does it return the money to the awarded purchasers,” the plaintiffs alleged. Special Commissioner of Police (Crime) Ravindra Singh Yadav said that during the investigation, bank accounts and other details of the alleged company were reviewed and analyzed. It was revealed that the alleged company had received money from the general public under the guise of investing in a business project.

The search for the accused was made but he never participated in the investigation. Subsequently, non-releasable warrants of the accused Deep Kanwar Singh Walia were obtained, the officer said.

The accused was arrested on September 5 in Chandigarh. Separately, co-defendant Satinder Singh Bhasin had already been arrested in the case, he added.

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