Developer Company cheats 600 investors of Rs 13 crore

New Delhi, July 10 (UNI) Police have arrested the Chairman-cum- Managing Director of Boutanika Infrastructure Pvt Ltd for allegedly cheating more than 600 investors of about Rs 13 crore.

Sri Niwas Sharma (42), arrested by sleuths of Anti-Land and Building Racket Section of the Economic Offences Wing, had no license, registration and land use change.

Police said only a few acres of land was available with the company against projection of a township of over 280 acres in the NCR region.

''He had collected money illegally from more than 600 investors promising them property 23 km from Connaught Place within NCR region,'' they said.

''He had transferred the funds to other projects and now had no money to pay back the investors.'' UNI