New Delhi: Seven years after allegedly absconding in a multi-crore real estate fraud case, a key accused in nine related cases has been arrested by Delhi Police’s Economic Offences Wing (EOW).
The Fraudulent Housing Project
The fraud dates back over a decade to 2013, when a private limited company launched a housing project of a township in Greater Faridabad, Haryana. According to the police, the group induced people to invest money in the project, which was projected to consist of 496 residential plots spread over around 10.3 acres of land.
However, the company and its directors misrepresented facts regarding the project and did not possess sufficient lawful land required for the development. The group reportedly failed to deliver the plots and abandoned the project, causing significant financial losses amounting to several crores, police added.
Arrest of the Accused
The accused had subsequently been identified, and one of the key accused, Shiv Nandan Singh Yadav, had allegedly been absconding since 2019 to evade legal proceedings. Police said that he had been declared a proclaimed offender three years ago in all the cases. He was traced and arrested in Faridabad on Friday.
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