Gurgaon Man Arrested For Duping 70 Investors Of Rs 3 Crore

A 43-year-old man has been arrested for allegedly duping over 70 people of Rs 3 crore on the pretext of allotting them kiosks on lease in a mall, police said on Friday.

The accused has been identified as Shashank Jain, a resident of Gurgaon. He was arrested on Wednesday, they said.

Two more accused -- Labsang Tenzing Bhutia and Gaurav Mittal-- had been arrested in the case earlier, police said.

The complainants, all members of Rohini Monastery Market Association, alleged that Mittal and others told them that their firm Red Reality Infratech Pvt Ltd had taken an area of 9,607 square feet at City Centre in Rohini on lease for five years, police said.

Thereafter, the company allotted the complainants area on lease for five years for commercial purpose, police said, adding that the area was divided into 78 small shops.

"All the 78 complainants were invited to take over possession of the shops for five years from July 2015 to June 2020 for a consideration amount of Rs 3.5 lakh each with the offer to refund Rs 2.5 lakh after the expiry of the period," Joint Commissioner of Police (Economic Offences Wing) OP Mishra said.

The accused also issued a circular asking the members to pay Rs 75,000 toward maintenance charge to get rid of the monthly charges of Rs 5,000 till June 30, 2020 and accordingly, they furnished new allotment letters to all 78 allottees, JCP Mishra said.

During investigation, it was revealed that the accused used to issue allotment letters to victims and provided them kiosks on lease against payment, without having any authority to sub-lease them. After collecting Rs 3 crore, the accused shut down their offices and fled, JCP Mishra added.