Real estate fraud: Man arrested for duping investors of Rs 800 crore
NEW DELHI: Police have arrested a 32-year-old man for allegedly duping depositors to the tune of Rs 800 crore after promising huge returns on investment in his real estate firm, with its branches spread across at least 25 cities.
Mukesh Baghel, a native of Madhya Pradesh, duped people after promising huge returns on investment in fixed and recurring deposit policies in BNP Real Estate, with one of its branches in south Delhi’s Hauz Khas area, DCP (South) Ishwar Singh said.
In 2009, the company changed its name to Sunshine Infra Build Corporation and transferred cash and data to the new company. The company was shut four years later. The company has eight co-directors who, along with Baghel, fled with the money, estimated at around Rs 800 crore.
So far the police have come across over 15 complaints against the accused. Based on a tip-off from their counterparts in Madhya Pradesh, Delhi Police arrested the accused from Hauz Khas area on Saturday, a senior official said.