Manpreet Singh Chadha, son of late liquor baron Ponty Chadha and the director of the Uppal-Chadha Hi-Tech Developers Private, has been granted bail on June 17 in connection with a real estate fraud case, sources told Moneycontrol.
The Saket court granted relief to the realtor on submission of a personal bond of Rs 50,000 and two sureties. It has also put conditions that he would not be able to leave the country without the court’s permission, sources added.
Chadha was arrested last week in connection with a real estate fraud case by the Economic Offences Wing of Delhi police from the Indira Gandhi International (IGI) Airport and later remanded to judicial custody for 14 days by the Saket court, officials said.
Chadha was detained at the IGI airport when he was leaving for Phuket on June 12, Additional Commissioner of Police (Economic Offences Wing) Suvashis Choudhary had said.
A lookout notice had been issued against Manpreet Singh, the officer added. Before arresting him, the airport’s security staff and immigration officers were alerted and he was later produced before the Saket court, which sent him to judicial custody for two weeks.
The matter pertains to an amount of Rs 4.5 crore paid by 29 homebuyers who had booked plots in Hi-Tech City in Ghaziabad from 2005 to 2006, he said.
Even after 15 years the alleged company has neither provided plots to the buyers nor refunded the amount, the official said.
The said case was registered on the complaint of K Ramesh and others against Uppal Chadha Hi-Tech Developers. The complainants alleged that the company launched the project in 2006 at NH 24 Ghaziabad in 2003. Ghaziabad Development Authority (GDA) had then formulated a policy for the development of Hi-Tech City.
The company’s brokers started approaching the public for booking plots in the township projects namely Rosewood Enclave, Sunny Wood Enclave, Lime Wood Enclave and Crestwood Enclave located in Kachera, Dujana and Mehrauli villages along NH-24.
“The company lured the buyers by showing them brochures and layout plan for the proposed township spread around 1,500 acres. The possession of plots was to be provided within eight months from the date of issue of allotment letters. All the 29 buyers, who had approached the police so far, booked plots during 2005-06 and paid Rs 4.5 crore,” the official said.
The complainants received letters in November 2009 from the alleged company that all the necessary licenses and approvals were obtained and that the first phase of 1,500 acres had been approved by the government. The details about the sectors and the plots were being finalised by the government, the letter stated.
Around June 15, 2011, the buyers also received a demand letter signed by the vice president of the alleged company but to their utter shock and surprise the name of the company, the township and the address of the company were changed and all payments were sought in the name of a new entity — Wave City NH24, the official said.
During the investigation, it emerged that the Uttar Pradesh government had announced the Hi-Tech Township policy in 2003, which was later revised in 2007 and 2008. The alleged company — M/s Uppal Chadha Hi-Tech — had entered into a MoU with the GDA on November 30 2005, for developing the project.
The company had started accepting bookings for the plots from the ‘victims’ at an initial booking amount of Rs 3-5 lakh each. The alleged company had started accepting the booking amount from the victims between 2005 to 2006. However, the site plan was sanctioned only in November 2011, the official added.