Delhi Police arrests man in Rs 12 crores cheating, shareholding embezzlement case

New Delhi [India], October 22 (ANI): The Economic Offences Wing of Delhi Police has arrested the promoter and director of a Delhi-based firm for allegedly cheating and embezzlement in shareholdings of two companies worth Rs 12 crores, police said here on Thursday.
According to the police, the arrested person has been identified as Rahul Gaur, the erstwhile promoter and director of Right Realtech Private Limited and Brys Projects Private Limited.
Sharan Pal Singh Sethi, director of Reputed Real Estate Pvt Ltd, had alleged that Rahul Gaur and Navneet Bhadla of Right Realtech Pvt Ltd and Brys Projects Pvt Ltd had induced him to invest in their company saying the company was being allotted land for group housing society by Greater Noida Authority.
"Subsequently the complainant invested Rs 8 crore in the year 2014 in Right Realtech Pvt Ltd. The complainant was given 37 per cent share of Right Realtech Pvt Ltd and was also made Director. However, the land was allotted in Brys Projects Pvt Ltd and investment of the complainant was transferred into this company and share of this company was given to the complainant company in 2015," the police said in a statement.
However, the complainant found out that the alleged persons had diluted shareholdings of the complainant company by increasing the share capital of Brys Projects Pvt Ltd and issuing shares to other company Rakesh Projects Pvt Ltd and individuals namely Vikram Kathuria and Sandeep Madan without disclosing exact facts of shareholdings of the company.
A case was registered under Sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), 120-B (criminal conspiracy) of the Indian Penal Code at Economic Offences Wing police station, New Delhi.
The police said the accused persons hatched a well-planned conspiracy and lured investors to make investments in their company and assured them lucrative returns. However, keeping the investors in dark, the accused persons diluted share percentage of the victims by issuing additional shares to other victims, it added. (ANI)