Virinder Singh, the president of IA & AD Employees Cooperative House Building Society Limited, was arrested by the Economic Offences Wing (EOW) of Delhi Police yesterday from Panchkula, Haryana following a tip-off.
Deputy Commissioner of Police (EOW) Mangesh Kashyap said the arrest was made after "a case was registered on the complaint of Ashish Sharma that he was duped to the tune of Rs 1.40 crore on the pretext of providing residential plots/flats in Mohali by Ritesh Bhatia, a private builder, along with officials of the society".
In this regard, Harjinder issued receipts of the payment and shared certificates against the said payments. Further, it was also revealed that instead of purchasing land in favour of society, the accused officials got the land purchased in their name and sold them, police said.
"The modus operandi of the accused society officials is that they induced the new entrant members on the pretext of providing residential plots/flats and received payments by issuing the share certificates," said Kashyap.
Virinder was arrested yesterday from Panchkula, Haryana following a raid. Another accused Harjinder is absconding and efforts are on to nab him.
Virinder has been placed in police custody. Investigation in the case is in progress, police said.