New Delhi, Jan 13 (IANS): A Jaipur-based builder has been arrested by Delhi Police's Economic Offences Wing for cheating investors by taking money from them for plots in the Rajasthan capital, police said on Wednesday.

Anil Kumar Sharma was arrested from Jaipur on Tuesday.

During the course of investigation, it was revealed that Sharma started housing projects with the name "Ashiana Enclave" at NH-8, Ajmer Road, Jaipur and publicised them widelu with false promises. He took investments in the form of booking amounts and initial deposits for promised housing units without ownership and taking required approvals from the regulatory or government authorities. The total alleged cheated amount in this case is Rs 38 lakh approximately and number of total investors is 17.

"During investigation, bank details were verified and relevant records and documents were scrutinized. Investigation from government authorities revealed that no approval in the name of project 'Ashiana Enclave' has been given by them. Further, bank records revealed that accused was beneficiary of the cheated money," Joint CP, EOW, O.P. Mishra said.

The accused, a resident of Jaipur entered into the real estate business in 2000 by forming a company named A Class Prop Build Pvt. Ltd. In order to raise more and more money, he kept on launching new projects and used the funds raised from one project in the other projects, to dupe investors, police said.