Noida: Two directors of Sunworld Residences arrested for siphoning off Rs 20.4 crore

NEW DELHI: The Economic Offences Wing of Delhi Police has arrested two directors of Sunworld Residences Pvt Ltd for allegedly siphoning off Rs 20.4 crore in a residential project they had proposed in Noida. _17px=”font-size:_17px” normal=”white-space:normal” _400=”font-weight:_400″ _2text-indent0px=”orphans:_2text-indent0px” none=”float:none” _2=”widows:_2″ _0px=”_-webkit-text-stroke-width:_0px” rgb255255255=”background-color:rgb255255255″ initial=”text-decoration-color:initial” inlineimportant=”display:inlineimportant” left=”text-align:left”>Sanjeev Gupta and Yogender Kumar Gupta were arrested after a company that had given them the money to buy 25 flats in the project filed a complaint. The complainant found that the duo hadn’t completed the project and used the money elsewhere.
Police found that the two had given 50 pre-dated cheques to the complainant as surety but all of them bounced when they were deposited to reclaim the amount.
Additional CP (EOW) Suvashish Chaudhary said the duo was booked under IPC sections of fraud, criminal conspiracy and criminal breach of trust.
Gupta and Yadav had approached the complainant, Mayank Khema, the director of PMK Impex Private Limited, in July 2016. They had proposed to sell flats to Khemka’s company in their forthcoming project on Noida Expressway at Sector 168 called ‘Sunworld Arista’.
Gupta allegedly assured Khemka that the project had all the necessary clearances and funding to complete on time.
Convinced, Khemka purchased 25 flats for his employees and paid an advance of Rs 20.4 crore through cheques and online transfers.
In their agreement, the accused had agreed to return the amount with interest if there was any delay or if the possession of the flats could not be given due to any reason. For that, the cheques were given as surety.
But when the flats were not delivered, the buyer tried to take back the money by depositing the cheques. Khemka deposited 49 of the 50 cheques and each one of them bounced.
That’s when he went to the police. Last year, an FIR was registered at IP Estate police station. The two directors were essay writing service uk probed for malpractices. They have been sent to judicial custody for two weeks.