Delhi court denies bail to real estate company directors in multi-crore cheating case, Real Estate News, ET RealEstate

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NEW DELHI: Delhi court denied bail to two directors of city-based real estate company accused of allegedly cheating large numbers of rupee crore investors by not delivering possession of apartments and properties in Delhi-NCR.

Further sessions Judge Kamini Lau refused to grant redress to Sushant Mutreja and Nishant Mutreja and said that public confidence in the institution of justice would be undermined if such offenses were taken lightly.

“The whole community is harmed if the economic offenders who are ruining the state’s economy are not brought to justice,” the judge said, adding that such offenses must be taken seriously at a time when l India is facing an economic crisis due to many scams. .

The court, in its August 2 order, noted that the duo allegedly deceived 893 victims of over Rs 126 crore nationwide by failing to hand them over possession of the units or paying for returns insured in accordance with the contractual relationship.

Additionally, the court said Sushant Muttreja was released on bail in 2017 to revive projects and bring in investment, but was canceled after he failed to do so.

“It will be very difficult to ensure the return of the sum to the investors and the possibility that the plaintiffs flee from justice cannot be excluded”, observed the judge.

The court noted that several FIRs had been registered by investors against the two defendants for failing to hand over possession of apartments and properties reserved to Delhi-NCR.

They were arrested in 2016.

According to Delhi police, the amount collected by the company was allegedly embezzled and the funds were diverted to buy apartments and properties in Ghaziabad and Uttrakhand on behalf of subsidiaries.

The land for the other projects was also purchased on the amounts collected from investors and the amount was also transferred very quickly and quickly to the accounts of more than 25 sister companies and associated companies, the investigator told the court.

“The two directors who are also promoters of the company have never made any efforts to strengthen their projects. The land did not belong to them either. The land company terminated the agreement with them,” added the police.

The duo, through their lawyer Janender Kumar Chumbak, told the court there was no intention to deceive anyone or delay a project.

“They always wanted to carry out the project. It was just that the market conditions did not favor them and the situation got out of control, which ultimately left the delay in the delivery of the projects,” said their lawyer. .


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