Manoj Bhardwaj Builder is registered with the Ministry of Corporate Affairs (MCA) under the identification number 01793491 as a director of ARUN DEV BUILDERS LTD. He resides in South Delhi, Delhi, India, and is an Indian.
Arun Dev Heights Private Limited and Arun Dev Builders Ltd. both have Manoj Bhardwaj Builder on their board of directors.
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Delhi: A builder is detained on suspicion of defrauding investors out of over 30 crore rupees.
According to police, a 42-year-old builder has been detained for allegedly defrauding investors out of nearly 30 crore rupees on the promise of giving them residential properties.
The Economic Offences Wing (EOW) of the Delhi Police apprehended Manoj Bhardwaj Builder, a resident of the Khanpur neighborhood, on April 3.
The accused had formed a firm without first registering it or getting a site plan approved by the authorities.
In 1997, Manoj Bhardwaj Builder M/s Arun Dev Builders Ltd. In 2006, his company put out the “Arun Dev City – Haridwar” township project without first registering, acquiring land, receiving site plan permission, etc.
According to DCP (EOW) Sanjay Tyagi, “Manoj Bhardwaj Builder induced gullible investors by showing rosy pictures through seductive brochures and advertisements and collected a huge amount of 36 crores, taking bookings from about 1,500 investors.”
According to the police, Manoj Bhardwaj Builder began making minor sales and purchases of real estate in illegal colonies in Delhi after receiving his degree.
He allegedly began buying farmland in 1994 and selling it to private investors in the form of tiny portions.
What is Investment Fraud?
Investment fraud constitutes a white-collar criminal activity wherein individuals intentionally mislead or deceive investors to achieve financial gains. It is unlawful for any party to conceal essential information regarding investments, including associated risks, with the intent of persuading investors to invest their capital.
In addition, Tyagi said that Manoj Bhardwaj Builder‘s company had pre-launched projects in Shahpura, Bhiwadi, Jaipur, Mandawar, and Faridabad with the sanction of the relevant authorities, netting massive sums of money totaling more than 100 crores from flat purchasers against their reservations.
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Manoj Bhardwaj Builder Built Temples for Financial Gain?
Manoj Bhardwaj Builder, a director of Arun Dev Builders and a builder from Delhi, is accused of defrauding almost 455 depositors who wanted to invest in real estate. The suspect has been detained for defrauding investors in the National Capital Region and other locations in North India, according to Additional Deputy Commissioner of Police (South), Nupur Prasad. The suspect is wanted in nine instances.
Bhardwaj, who is in his early 50s, was detained at his home in south Delhi’s Neb Sarai neighborhood’s Raju Park. He persuaded customers into buying properties at bargain prices over his 22 years in the real estate industry, it seems. It’s interesting to note that the builder had also built over 35 temples across different locations to profit from the gifts and donations received from followers.
He lured people in by displaying his purported projects in Haryana, Rajasthan, Delhi, and Uttarakhand, among other cities.
The police officer stated, “Bhardwaj had put up his company’s boards in different cities in North India where he took his prospective customers to trick them into a purchase,” adding that several complaints against the accused had been made to police stations in Gurgaon, Faridabad, Dharuhera, and other locations and that an investigation was ongoing.
Fraud costs home buyers Rs. 36 crores
A real estate business owner was detained after defrauding over 1,500 potential home purchasers out of Rs 36 crore.
For selling apartments in a pre-launch project in Haridwar, Manoj Bhardwaj Builder, 41, chairman and managing director of the city-based real estate firm Arun Dev Builders Ltd, was charged.
According to investigators, the corporation had made a township project proposal for Arun Dev City: Haridwar in 2006 without first registering, acquiring land, or receiving approval for the site plan.
After receiving complaints from numerous buyers, Delhi Police detained Bhardwaj on Saturday. Sanjay Tyagi, Deputy Commissioner of Police for the Economic Offenses Division, stated that 36 buyers had reported incidents to various police stations.
According to him, investigators discovered that the developer had not received approval from the Uttarakhand government.
Bhardwaj has been charged with conspiring to deceive potential buyers and faces allegations of improper pre-launch property bookings.
He is currently in police custody.
Arun Dev Contractors According to a news release from the police, it had collected more than Rs 100 crore from customers for projects in Shahpura, Bhiwadi, Jaipur, Mandawar, and Faridabad without receiving consent from the appropriate government agency.
Police claim that Bhardwaj began his business as a real estate trader by purchasing agricultural land and offering it to private buyers in the form of small plots.
He launched his own business in 1997, luring middle-class buyers into low-cost housing complexes.
According to investigators, the company used furring brochures and marketing to sell dreams to naïve investors.
Most Talked Real Estates Frauds In India
Scammers and fraudsters are getting more numerous as the real estate industry expands. Real estate is the most precious asset, thus investors invest in it to ensure a more secure future. Real estate scams: what are they? When an investor makes an investment in the incorrect location, their money is subject to theft and is prone to scams. Scams occur as a result of investors’ ignorance prior to investing and their blind faith in con artists. The real estate market has significant risk, expensive pricing, and little security.
It is insecure and an easy target for scammers because of its lack of security. Misrepresentation, Escrowwire fraud, and murky mortgages are the three most typical scams. Misrepresentation is the deliberate dissemination of false information. Investors that rush into a choice, believe the seller’s falsified claims quickly, or fall for the con artist’s phony profiles are most likely to be taken advantage of. Lack of sufficient investigation contributes to scams, and investing without inspection may raise your risk of being a victim. Scammers spoof investors by using false advertisements, phishing emails, and phone calls. Escrow wire fraud is the name given to this type of deception.
Types of Real Estate Frauds
-Title Deception
Title deception refers to a confusing mention of ownership; this includes using false papers, withholding the owner’s providence title, or illegally selling a property. Even if the former owner’s or buyer’s name or dwelling address is unclear, it could still pose issues in the future. The sale of properties that are still under construction, vacant, the subject of a legal dispute, or held by someone who resides overseas are all examples of properties that fall victim to the title deception scam. Convicts are taken into custody for title deceit under section 420 of the Indian penal code.
Manoj Bhardwaj Builder has received several allegations of indulging in these practices.
-Hurried sales
There is a chance that a seller is deceiving you by withholding facts if they rush the sale of a property by making false promises or pressure you into buying a home quickly by suggesting there aren’t many apartments left.
-Misrepresentation
As builders or sellers could provide you with one different while promising you another, misrepresentation is also known as fraud. Another component of the scam may involve changing a plane without notifying the investor.
-Taking too long to transfer the possession
If a builder takes too long to turn over the property to the owner, the owner may issue a legal notice to the builder under the RERA Act. Delaying possession will also result in the builder paying the owner 10% of the interest accrued on the value of the property. Fraud involves delaying; by postponing the date, con artists may formalize a plan to flee.
There’s a good chance that Manoj Bhardwaj Builder behaved like this with the victims.
-Without proper authorization, selling
A CLU certificate is required to convert the land into a commercial or residential structure. It is an authorized signatory certificate that is authorized by the state or union territory government’s competent authority. A seller may be operating fraud if he doesn’t have a CLU certificate.
-Unclear mortgage
There are numerous instances where the seller did not pay off the mortgage before giving the buyer the house. Mortgage fraud involves the misrepresentation of any data or paperwork. Before selling the home, the seller must pay off the prior mortgage.
-Encroachment
Verify whether the property’s characteristics fall within the restrictions imposed by the government. Before investing in real estate, carefully review the papers; otherwise, the land may be subject to the jurisdiction of another party, making intrusion unavoidable. Before investing, the papers must be double-checked to prevent encroachment or potential legal issues.
-Selling a single item to several different purchasers
These types of scams happen when a con artist offers a single property to numerous investors. Visualize finding yourself in a position where multiple buyers claim the same property and each investment paid a different sum to do so. It is vital to determine whether the supplier is genuine to prevent the occurrence of this inspection.
Manoj Bhardwaj Builder Review: Conclusion
India is experiencing a rapid increase in its urban growth rate. Since the start of the twenty-first century, India’s growth rates for urbanization and industrialization have been drastically shifting. Urbanization causes people to move around in pursuit of work, which will soon generate a shortage of land. As a result, the real estate market is expanding quickly.
Stories of scams like Manoj Bhardwaj Builder can make it difficult for people to invest in real estate.
What do you think? Do you think Manoj Bhardwaj Builder is a legitimate businessman? Share your thoughts on Manoj Bhardwaj Builder below.
This is a very good article. Everything has been explained so well in this article. Real estate scams are no joke. They are on the rise and it is really important to stay away from such fraudsters and also keep our loved ones safe as well from these scammers.
I don’t understand how so many people are falling for such scams. Do these scammers have a license that they show to the investors? How are they able to do such scams on such a large scale where so many people have invested their money?
This man should be ashamed of himself for doing this with the investors. He should be behind bars. It is ridiculous that real estate scams are increasing but no one is talking about such an important issue. We mustn’t trust anyone so easily.
I will suggest not to trust anyone so easily. Please do proper research before investing your money. Also, see if they have a legit license or not. Do not put your financial security at risk by believing anyone who tries to lure you with impossible schemes.
If the media would have focused more on making people aware of such scammers then a lot of people would have been saved from falling into this trap. It’s their responsibility but they only care about TRP.
What the hell is the media doing? Why don’t they do something about this? This is an issue that they must be talking about. Instead of exposing such real estate scammers, they are busy showing us some rubbish news. This is sick.
I can’t even imagine what the victims must be going through right now. Only they know about their pain. It is not at all easy to face such a big financial loss. We all must make sure to make our family members and friends as well aware of such scams so that they could also stay safe.
All the victims must be going through a lot of financial loss and emotional pain. Scams like this not only make the victim financially unstable but also give them a lot of emotional pain. They must be going through a lot of mental stress.
This man needs to be ashamed of himself for doing this big crime with innocent people who just wanted to have a house of their own. It is a big dream of every person to buy a house for themselves. I can’t even imagine what they must be going through right now.
Real estate scams are increasing rapidly. The government should do something about this. It’s sick that scammers are doing fraud on such large scales and the government is not able to do anything about it. These bloody scammers deserve to get punished.
These fraudsters take advantage of a person’s desperation to have a house of their own. It has become really hard for everyone to buy a house as the population is rising but we only have limited land which makes it hard to find a house and these scammers are taking advantage of this and deceiving investors by making fake promises of providing them a house of their own.
Scammers like him have no humanity. They are so greedy that they can’t even understand another person’s pain. These people whom he has scammed must have saved money for their whole life to buy a house. He shattered their dreams and made them lose their hard-earned money.
I agree with this article completely. Whatever is written in this article is true. My friend also went through the same experience. He lost all his money in a real estate scam. He invested his hard-earned money so that he could get a house of his own but instead, all his dreams were shattered when he came to know that it was a scam. It was very hard for him to believe it.
This should get investigated as to how these scammers are doing such big scams. This is not at all possible without the support of a powerful person. This must get investigated well so that the truth can come in front of all.
He is a criminal. He should be ashamed of himself for deceiving his investors. What he has done is just ridiculous and he deserves to get punished for that. If he doesn’t get punished then it is injustice with the victims.