The Economic Offences Wing (EOW) of the Delhi Police arrested the managing director (MD) of Shubhkamna Buildtech Private Limited on September 6 for duping homebuyers, the police said on Wednesday.
They said that the accused MD, identified Diwakar Sharma, was arrested for duping buyers of flats in residential project Shubhkamna Advert Techomes. He was the director of the company.
Techomes Flat Buyers Welfare Association gave a complaint on behalf of 49 members of the society stating that claiming that they had purchased flats in the residential project Shubhkamna Advert Techomes, being developed on a plot at Noida Sector 137 by the Shubhkamna Buildtech Private Limited.
They said they were assured of physical possession of their flats within 36 months from time when the construction would be started, and that it started on February 1, 2011. The buyers said they had paid nearly 90% of the total sale consideration of their respective flats in terms of the payment schedule.
However, they said, the builder later stopped the construction all of a sudden. They further stated that the builder had started booking of flats even before the execution of the lease deed and had diverted the funds for his personal use.
During the course of investigation it was found that the accused collected crores of rupees from the homebuyers. Investigation in the case is in progress, said a senior police officer with the EOW.