Two held for cheating people by promising them returns on property investments

IIP records five-months low growth of 4.4 per cent in March

Two men were arrested for allegedly cheating people by promising them high returns on investments in property, police said on Friday. The accused were identified as Harish Arora (60) and Vishal Tandon (43), they added.

The main accused in the case, Shanti Sawroop Satija, used to run a firm – Sampatti Trading and Developers Limited – at Connaught Place, a senior police officer said. Satija had launched residential plot schemes in Rajasthan and collected funds from the public, he added.

Satija ran these schemes since 2014. Post November 2016, he had stopped giving returns to the investors on the pretext of demonetisation, the officer said.

On May 15, Satija was arrested and he has since been chargesheeted in the case, the police said. Arora and Tandon were also arrested in connection with the case, the officer said.

During interrogation, the police learnt that Arora was Satija’s brother-in-law, he used to explain the schemes to the prospective investors and also purchase property in his name on behalf of Satija, he added.

Tandon, Satija’s son-in-law, was the director of Sampatti Trading and Developers Limited, the police said. Both Arora and Tandon have been taken into custody by the police for a day.