Two realtors held for Mumbai fraud

Two realtors have been arrested for allegedly cheating several people of Rs 18 crore by asking them to invest in two residential township projects, Bollywood City and Amara Retreat, in Navi
Mumbai.  According to the additional DCP, Economic Offences Wing of Delhi Police, Sanjay Tyagi, the accused have been identified as Pavan Datta and Gagan Deep Chawla, directors of the real estate development company, Lakshish Infrastructure.

"The accused had lured people to invest in the proposed projects and collected booking amount and advance payment as pre-launch instalments. Around 10 acres of land was bought in the name of a few initial investors, mostly their friends and acquaintances. Once the project received a good response, they misappropriated the rest of the money by buying around 153 acres in the name of the directors and their family members. Neither was any approval obtained nor any project started," said Tyagi.  EOW registered the first FIR following a complaint by a senior citizen who had invested Rs 15 lakh in the project off Mumbai-Pune Expressway in Maharashtra.