Delhi

Indore: Builder of Pinnacle Dreams held for fraud worth over Rs 1,000 cr

 

The director of a real estate firm accused of duping scores of investors to the tune of hundreds of crores of rupees in a project in Indore was arrested by the crime branch police from Juhu area of Mumbai.

 

Ashish Das, 48, was arrested near a hotel in connection to the fraud that is being investigated by the police for the last several years. He was wanted for at least seven cases registered at different police stations including Vijay Nagar, Lasudia and Banganga for allegedly cheating people who had purchased plots and flats in Pinnacle Dreams real estate project here, DIG Harinarayanachari Mishra told reporters.

 

Police had announced a reward of Rs 20,000 on his head, after attempts to trace him had failed.

 

The cumulative value of these transactions would be in the range of Rs 1,000 cr, police said.

 

Das is the developer of the Pinnacle Dreams project of the city. In some cases, he registered one property in the name of two buyers after taking money from both of them. It is suspected that Das duped hundreds of buyers and investors.

 

During interrogation, Das told the police that he had been evading arrests by staying in hotels and lodges in various cities including Mumbai, Delhi, Bangaluru, Goa and Chandigarh.

 

Police got a tip-off that he was in Mumbai, following which a team of cops were sent to investigate. The team kept track of his movements and arrested him from Juhu area.

 

Das, a resident of Ujjain, was a tax adviser who forayed into the real estate business a few years ago. The local police had received several complaints of fraud against Das and his associate Pushpendra Vadhera. Police have been investigating the frauds since last several years, piecing together evidences of shady transactions in various property deals. 
 

Written by The Realty Paper


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