Economic Offences Wing of Delhi Police has arrested Sanjeev Shrivastava, director of Assotech real estate firm, for allegedly duping investors by soliciting investments in a project called Assotech Canopy.
Shrivastava, police said, was a director in more than 26 companies of the Assotech group and director of 40 companies in total. “In order to raise more and more money, he kept on launching new projects and used the funds raised from one project in other projects,” said OP Mishra, joint commissioner (EOW).
One of the complainants, a businessman named Sudhir Gupta, had booked 40 flats in the project, which were later allegedly allotted to someone else. The builder apparently assured the victim he would allot him flats in some other project and took more money.
“Gupta was allegedly induced by the accused with false assurance to invest in his housing project that was to come up in Crossing Republic, Ghaziabad. He convinced the investor showing rosy pictures about the project being ideal for bulk investment. In September 2014, the complainant was offered residential units in various Towers of Assotech Canopy,” joint CP Mishra added.
Falling to the assurance given by the builder, he booked and invested amount for 40 units. As per the payment plan, the complainant was to pay next 30% of the cost of flats within 60 days of booking. Later, it was found that the residential units booked in his name had been allotted to somebody else.
Accused Srivastava allegedly falsely assured the complainant about making alternative arrangements for flats in his other projects, police said.
The complainant paid additional 30% of the selling price as per the plan, paying a sum of over Rs 5.1 crore.
Later, he was shocked to find that the construction at the promised project had not even started. He then filed a complaint in 2016 based on which an FIR was registered.
Investigation by Ghaziabad Development Authority revealed that no approval for any project by the name of “Assotech Canopy” was given by them.
“Further, the consortium, Crossing infrastructure Pvt Ltd, revealed that the said project does not even exist in the township plan. An on-the-spot inspection revealed that no construction was found till date,” Mishra added.
Shrivastava was served several notices to join the probe but he kept avoiding. He was arrested from Noida on January 8.
There are many cases in EOW against the accused and his companies. The accused has been produced before the competent court in Delhi for remand.