India News | JC World Hospitality Directors Held for Misappropriating Funds
Get latest articles and stories on India at LatestLY. Directors of JC World Hospitality Pvt Ltd Dr Vijay Kant Dixit and his wife Rita Singh were arrested for allegedly duping buyers of approximately Rs 12 crore on the pretext of allotment of shops in their upcoming project, police said on Tuesday.
New Delhi, Nov 16 (PTI) Directors of JC World Hospitality Pvt Ltd Dr Vijay Kant Dixit and his wife Rita Singh were arrested for allegedly duping buyers of approximately Rs 12 crore on the pretext of allotment of shops in their upcoming project, police said on Tuesday.
They were arrested from their residence in Greater Noida for misappropriating funds, they said.
Investigation revealed that their company had launched a project in 2014 and received money from the buyers who were promised that they would be given possession of their respective units within 30 months from the date of booking, the police said.
After preliminary enquiry, a case was registered in 2020 on a complaint filed by a person named Dhirendra Nath and others, against the company and its two directors, they said.
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Nath alleged that he had booked two shops in the Noida-based project "JC World Mall" launched by the company in 2014.
He had paid Rs 1,75,88,330 to the company in various installments and was promised possession of the units in over 30 months from the date of the allotment letter.
The complainants alleged that the builder had not completed the construction work and no work was carried out at the site for the last 18 months.
Despite having several meetings with the directors of the company, no purpose was served and they only gave false promises, said Additional Commissioner of Police (Economic Offences Wing) RK Singh.
"It was also alleged that the directors cheated a number of buyers on the pretext of providing shops in its project. The alleged company did not fulfill its promise and has diverted the funds of the buyers and misappropriated the funds. It was found that the company neither returned the money nor completed the project. There are more than 30 complainants and the total amount involved is Rs 12 crore approximately," the officer said.
During investigation, the Noida Authority informed the police that the company had applied for an approval of a building plan for the project in 2015, which was returned to the company with some objections and they were directed to provide relevant documents, he added.
"However, the company did not respond within the stipulated period and hence, its application for approval of the building plan was rejected. It is also found that Rs 6 crore from the buyer's money was given to sister concern by the company," Singh said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)