Two real estate barons, Kapil Kumar and Ashish Gupta, ex-CMD and director of AMR Infrastructures, respectively, who were allegedly involved in a scam of around Rs 600 crore, were arrested by Economic Offences Wing (EOW) of Delhi Police on Tuesday.
The two were declared proclaimed offenders on March 16, 2018. Over 3,000 people had invested in their projects for residential and commercial spaces. EOW had received around 650 complaints from investors duped by them. The accused are in police custody till Friday.
A case was registered on the complaint of Surya Solanki alleging that AMR infrastructure Ltd induced him to make an investment for a unit in their IT project located at Greater Noida. The complainant and his family members invested Rs 93.12 lakh between 2006 and 2009. The company allegedly assured them 12% returns on the investment.
“Neither was the project completed nor the amount returned. There are 3,203 investors and till date 650 victims have filed complaints. The invested amount is Rs 543 crore,” said a senior police officer.
Commander Rajiv Sardana (Retired), one of the 650 complainants, said, “Half the investors will forget and half of them will die. This was told to me personally by one of the directors in 2016. The reason for his confidence and swagger was because he had hired the most expensive senior advocates who charge lakhs of Rupees per hearing and are masters at exploiting the loopholes in the law.”
“I’m grateful to the Supreme Court which finally put an end to interim protection from arrest given over a period of four and a half years to the proclaimed offenders and they were finally arrested. A small beginning. I hope I will not die before justice is delivered. I’ll not forget and neither will the other investors,” added Sardana.
The company went into insolvency and Vikram Bajaj was appointed the resolution professional on May 10, 2018 by National Company Law Tribunal.