The accused builder was arrested from Punjab on Friday by the Economic Offences Wing (EOW) of the Mumbai Police, he said.
Mumbai: The Mumbai Police have arrested a builder for allegedly duping investors to the tune of more than ? 27 crores by promising attractive returns on investment in his housing project in the city, an official said today.
The accused builder was arrested from Punjab on Friday by the Economic Offences Wing (EOW) of the Mumbai Police, he said.
"He was wanted in three related cases registered with the EOW for duping people of crores of rupees on false promises," the official said, adding that his son, who is also an accused in these cases, is missing.
A 57-year-old investor and others had invested a total of ? 19.30 crore in the project of the accused, the official said.
"Initially, the complainant received returns on their invested money, but later the father-son duo told him that he will be given flats in the housing project instead of cash returns. The housing project was going on in the Sion Chunabhatti area of the city," he said.
A few months later, when the builder did not keep the promise, the investor realized that he and others were duped, following which he lodged a complaint at the Santacruz police station.
A first information report (FIR) under Indian Penal Code (IPC) sections 406 (criminal breach of trust), 419 (cheating by personation), and 420 (cheating) was registered against both the accused and the EOW was given the probe, he said.
"During the investigation, it came to light that a few more investors of the housing scheme had lodged complaints against the father-son duo and the collective amount involved was ? 27.57 crore," the official said, adding that at least 335 cases registered against the accused under section 138 of Negotiable Instruments Act were already being heard by different courts in Mumbai.