NEW DELHI: Delhi Police’s Economic Offences Wing on Thursday arrested Monty Chadha, son of slain liquor baron Ponty Chadha, from Delhi airport for his alleged involvement in a realty fraud case worth Rs 100 crore.
He was nabbed while he was about to board a flight to Phuket in Thailand via Singapore. Police said a case was registered against Monty, who, as the director at Uppal Chadha Hi-Tech developers, had promised a flat to the complainants in 2006 in an upscale housing society in Ghaziabad, Uttar Pradesh. However, the property was not delivered even after 85 per cent of the purchase amount was received.
In 2018, a case under Sections 406 (criminal breach of trust) and 420 (cheating) was registered on the complaint of K Ramesh and others against Uppal Chadha Hi-Tech Developers. “The complainant said that the company launched a project in 2006 in Ghaziabad,” Additional Commissioner of Police Suvashis Choudhary said.
In 2003, Ghaziabad Development Authority (GDA) formulated a policy for the development of a Hi-Tech City, thereby providing a platform to real estate developers to develop hi-tech and smart townships equipped with modern facilities in Ghaziabad.
In 2005, his company started approaching the public for booking plots in their proposed projects.“The company lured them by showing brochures and layout plan for the proposed township on about 1,500 acres. The possession of plots was to be provided within 8 months from the date of allotment of letters,” the officer said.
The 29 victims, who have approached the police, booked plots during 2005-06 after shelling out Rs 4.5 crore. The complainants received letters in 2009 saying that all necessary licences and approvals had been obtained from the government.
In 2011, they received a demand letter signed by the vice president of the alleged company but to their utter shock and surprise the name of the company, the township and even the address of the firm were changed and all payments were sought to be made to a new entity — Wave City NH-24.
Even after 15 years, the alleged company neither provided plots to all the buyers nor refunded the amount they invested. Chadha has been arrested under sections 406, 420 and 120 B (criminal conspiracy to commit an offence punishable with death).