Proclaimed Offender Arrested in Delhi Real Estate Fraud Case
A major breakthrough has been achieved in a multi-crore real estate fraud case involving multiple investors in Delhi, with the arrest of a proclaimed offender who had been evading arrest for several years.
The accused, Shiv Nandan Singh Yadav, was arrested by the Delhi Police's Economic Offences Wing (EOW) from Faridabad in Haryana on Friday.
Background of the Case
- The cases against Yadav were registered in 2019 following complaints by several victims who alleged they had been duped into investing in a housing project that never materialised.
- The cases were registered on the directions of the chief metropolitan magistrate, Shahdara District, Karkardooma Courts.
The investigation by the EOW revealed that the complaints involved a common modus operandi and the same set of accused persons operating through M/s GRPL Globe Reality Pvt. Ltd.
The Housing Project Scam
- The company, GRPL Globe Reality Pvt. Ltd., had launched a housing project named “Krishan Kunj Township” at the Tilori Khadar village in Greater Faridabad in 2013.
- Through advertisements and assurances of a well-developed residential township, the company allegedly induced people to invest in residential plots.
- The proposed project was projected to comprise 496 residential plots spread across about 10.26 acres of land.
However, investigators found that the company and its directors allegedly misrepresented facts regarding the project and did not possess sufficient lawful land required for the development of the township.
Investors Left in Financial Lurch
After collecting substantial sums from investors, the accused allegedly failed to hand over the promised plots and abandoned the project, causing significant financial losses to buyers.
Arrest of the Proclaimed Offender
Yadav was declared a proclaimed offender by a court in 2023 in all nine cases, after remaining untraceable for years.
The arrest of Yadav marks a significant milestone in the investigation, and the EOW is likely to continue its probe to bring other accused persons to justice.
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