Owner of Grand Venice Mall in Greater Noida arrested for cheating 120 investors
New Delhi: The Delhi Police has arrested the proprietor of the Grand Venice Mall in Greater Noida for duping lots of of buyers of their cash in his industrial venture in Noida.
The Economic Offences Wing of Delhi Police held accused Satinder Singh Bhasin in a case that was registered on the grievance of JP Kakkar and others. The complainants have stated that within the yr 2012-13, alleged firm M/s Mist Avenue Pvt Ltd invited most people by commercial to spend money on its venture – Mist Avenue, located at Plot No-1, Sec-143B.
“Initially, they claimed that they will construct 33 flooring/storeys in 99 days and picked up cash and saved elevating a number of fraudulent calls for with out establishing the constructing construction in actual as agreed and even levied curiosity on the quantity which was not due at the moment on the a part of the complainants.
“Later on, they changed the project name Mist Avenue to “Festival City” and they also changed the name of the company from M/s Mist Avenue Pvt Ltd to M/s Mist Direct Sales Pvt Ltd. In 2012-2013 they assured that possession of the unit will be delivered within 2015 but they arbitrarily extended the date of completion to 2022, forcing the allottees to enter into a new contract with new company M/s Mist Direct Sales Private Ltd,” stated Delhi Police.
The venture has been saved in abeyance with none additional building. It was additionally alleged that his firm threatened to forfeit 35% of the quantity paid if any demand for returning the invested cash is raised and they didn’t hand over the allotted items or refund the cash of the buyers.
According to Delhi Police, the experiences from Noida authority has been obtained, which divulged that the alleged firm has no authority to develop the venture whereas it was Anand Infoyage Pvt Ltd which had been granted a license for growth of the venture.
“Without due diligence about the land, the alleged company launched the project and collected money. Details of the Bank accounts were received which revealed the collection of money from the public at large,” stated Delhi Police.
Bhasin’s Grand Venice Mall has additionally remained in controversy and he was additionally arrested in a number of circumstances in UP pertaining to this venture.
Further investigation is in progress.
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