New Delhi, Oct 15 (UNI) Police today claimed to have unearthed a land and building scam of more than Rs 50 crore with the arrest of the MD of a construction company.
MD of M/s PSG Developers and Engineers Limited Yatinder Singh Rana was arrested by the sleuths of the Anti-Land and Building Racket cell of the Economic Offences Wings.
The company gave advertisements in 2005-06 for development of housing colonies in Manesar, Faridabad and Greater Noida.
It promised to develop township over 750 acres where it had a very small piece of land in its name. Even the requisite permission from the state governments concerned was not sought.
To impress the investors, the company shifted its office from Okhla to a five star hotel in the city. A total of 1,800 investors deposited an amount of Rs 50 crore with the company.
Till now 395 investors, who have invested about Rs 18 crore have filed complaints with police.