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The Economic Offences Wing (EOW) of Delhi Police has arrested an absconding person Shashank Jain, who is accused of duping 78 investors Rs 3 crore on the pretext of providing them kiosk on lease.As per a press statement from the Delhi police, Jain was arrested on Wednesday and he is the third accused in the case where he along with his two accomplices Labsang Tenzing Bhutia and Gaurav Mittal misrepresented to the victims that alleged company Red Realty Infratech Pvt. Ltd has requisite approval to provide the space on lease.Police said the complainant Virender Singh along with 78 others, levelled allegations against accused that their company Red Reality Infratech Pvt. Ltd had taken an area of 9607 ft in Rohini, Delhi on lease for five years from Heena Shorewala and Narmada Shorewala vide Lease Agreement, executed in April, 2015.Thereafter, the alleged company allotted the complainants/victims area on lease for five years for commercial purpose through its venture USP Monastery Market Management. The area was divided into 78 Small shops by issuing a possession letter.According to the statement from the police, all 78 complainants/victims were invited to take over the possession of individual shops for a period of five years, commencing from July 2015 to June 2020 for a consideration amount of Rs 3.5 Lakh each with the offer to refund Rs 2.5 Lakh after the expiry of the period of five years.Further accused persons issued a circular offering the members to pay Rs 75,000 towards maintenance charge to get rid of the monthly payment of Rs 5,000 till June 30, 2020 and accordingly they furnished new allotment letters to all 78 allottees.After this, all the members searched the accused persons but they were not found at their offices and all the accused persons ran away.Police said that during the course of the investigation, it was revealed that the accused persons used to issue allotment letters to complainants/victims and provided them kiosks on lease, against payment, without having any authority to sub-lease the kiosks."After collecting Rs 3 Crores, the accused persons closed their offices and fled the area overnight. The accused Shashank Jain was evading the process of investigation from the initial stage. Sincere efforts were made to arrest the accused person at his given address. All possible hideouts were checked but no clue emerged about the accused person," police said."Accordingly, Non-Bailable warrants were issued against him. After sincere efforts, the accused was arrested on January 13 by the EOW team," the police added.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :Delhi police arrests man for duping 78 investors of Rs 3 crore

The Economic Offences Wing (EOW) of Delhi Police has arrested an absconding person Shashank Jain, who is accused of duping 78 investors Rs 3 crore on the pretext of providing them kiosk on lease. ...