Navi Mumbai: 2 builders arrested for Rs 2.5 crore fraud

NAVI MUMBAI: Two builders were arrested by the economic offences wing of the

Raigad police

on Saturday for allegedly duping flat and plot buyers of nearly Rs 2.5 crore after they surrendered before a court in Pen.

Arrow Engineering Ltd

's managing director Vineet Malhotra and director Gaurav Khanna have been sent to police custody for seven days till Friday. They had deposed before the court on Friday evening.

The builders have been charged with cheating buyers by promising them flats at their Arrow City Manhattan project in Pen taluka of Raigad. Forty-four complaints from across the country, including cities like Mumbai, New Delhi, Navi Mumbai, have been lodged against them.

Deputy SP of economic offences wing (Raigad police) said, “Investigations are on and we cannot reveal any details right now."

Earlier, the Supreme Court had rejected their anticipatory bail applications. The Bombay HC had earlier released on bail another director of the company, Natasha Malhotra. A fourth director, Neeraja Jawa, too has got anticipatory bail from a sessions court in Alibaug.

Activist Samita Patil said, “Thousands of people have booked plots or flats at the Arrow City Manhattan Project in Pen since 2007. However, they have not been given possession."