Ex-Bureaucrat Arrested For Duping Investors Of Rs 50 Crore: Police

A former bureaucrat was arrested for allegedly duping his investors of Rs 50 crore on the pretext of offering plots and flats under the land pooling policy of the Delhi Development Authority (DDA), police said on Saturday.

The accused has been identified as Neh Srivastav. A PhD degree holder, he was an Under Secretary in a Central ministry.

He took voluntary retirement (VRS) after an FIR against him was lodged in 2020, and became an entrepreneur, they said.

Srivastav induced home buyers by showing documents purportedly issued by DDA under the land pooling policy. It was represented that the society is managed by the working group 'A' officers of the Central government, police said.

Based on their representation, home buyers invested in the Central Secretariat Services Officers Society (CSSOS), they said.

On the complaint of one Bachcha Lal, a case was registered in Economic Offences Wing (EOW) police station, a senior police officer said.

During the investigation, it was revealed that the registration of the society had been revoked by the Registrar of the Society. The DDA also informed that it had not issued any licence or approval to any housing project, including CSSOS, under the land pooling policy in Dwarka, the officer said.

Real Estate Regulatory Authority (RERA) also informed that no permission for construction was granted to the society, he added.

He purchased land at an inflated price in which farmers and land owners were not paid according to the sale deed. The society only purchased land for Rs 45 crore out of 100 crore and the remaining money was transferred to his mother's company Aditia Reality Pvt Ltd, the officer said.

During the investigation, police arrested Srivastav from Vaishali Sector-9 in Ghaziabad, UP, Deputy Commissioner of Police (EOW) MI Haider said.