New Delhi, Nov 13 (IANS): The Economic Offences Wing of Delhi police has arrested two persons of M/s Aerocity Dwarka multi-state CGHS Limited Society, who were involved in cheating homebuyers under the garb of land pooling policy of the Delhi Development Authority.

An amount of more than Rs 29 crore was collected by the Society from approximately 250 gullible investors and only Rs 6.75 crore out of it was utilised for the purchase of the dedicated land for the project in question. The remaining amount of Rs 22.25 crore was misappropriated and siphoned off to various other entities.

On the basis of the investigation by the EOW, it was revealed that the accused Ratan Singh Negi and another lady accused, who were absconding after dismissal of their anticipatory bails, are visiting Delhi. Both were arrested.

"The DDA envisaged a policy in the name of Land Pooling Policy for ensuring availability of sufficient houses under planned development of Delhi. In anticipation of this scheme, various builders and promoters grabbed it as an opportunity to exploit the situation by showing rosy pictures to innocent buyers. They raised huge amounts from the buyers for advance bookings in the name of registration or allotments," said O.P. Mishra, Joint CP EOW.

As per the report procured from the DDA, it has not issued any licence or approval to any of these societies. Also, no one is authorised to advertise, market, book or sell or invite persons to purchase any plot or flat in any project under the land pooling area without prior registration of the project under Real Estate (Regulation and Development) Act, 2016 (RERA).