Realty firm's director held for duping investors of 80 cr

Malviya Nagar police on Wednesday arrested one of the directors of a city-based real estate firm that had allegedly duped several investors of Rs 80 crore, on pretext of developing a mall with world-class amenities. Deputy Commissioner of police (east) Rahul Jain said, Anil Wadhwa and his partners had misled investors by offering to provide shops inside the mall near Apex Circle. “The accused swindled investors of Rs 80 crore on pretext of booking amount and fled. They neither developed nor properly constructed the promised mall,” Jain added. According to Jain, as many as 50 FIRs were registered at Malviya Nagar police station by investors who alleged that promoters and directors of the mall duped them of their investment. “Wadhwa and other accomplices have been on the run for a long time. Different teams had been on their trail for very long, consequently, a look out circular was also issued for them,” Jain said, adding that on Tuesday, information was received that Wadhwa was detained at Indira Gandhi International Airport in New Delhi. Wadhwa was on his way to leave the country before he was detained at IGI and handed over to Jaipur police. Wadhwa’s aide, Amit Bansal was arrested in 2017. Several investors, including NRIs, had flocked Wadhwa’s office to book shops and offices inside the under-construction mall. “Several years had passed but mall was still under construction. The possession of offices and shops to the investors was delayed,” an official said.