New Delhi: Late liquor baron Ponty Chadha‘s son was on Thursday arrested from the Delhi airport in connection with an Rs 100-crore fraud case, stated an official. Manpreet Singh Chadha, the vice-chairman of Wave Group was detained at the Indira Gandhi International airport when he was leaving for Phuket in Thailand on Wednesday night, as per Additional Commissioner of Police (Economic Offences Wing) Suvashis Choudhary.
Manpreet Singh Chadha is accused of cheating several flat buyers by offering them false promises of flats at cheaper rates. This resulted in the Rs. 100-crore fraud case. Wave Group, which is primarily a construction and manufacturing company, had promised lavish township projects near NH24 with numerous facilities but they were never delivered. According to a report, the project was launched in 2006. Soon after the execution of the project, the Wave group has been “playing with the investor’s hard earned money”, stated an FIR registered in the case.
Besides, media reports claim that the residents of Noida and Ghaziabad had alleged in their police complaints that Monty had never delivered the flats he had promised to offer within an eight-month period. Monty was subsequently charged under various sections of the Indian Penal Code (IPC) Act- 1860 including sections 420/406/120B.
Notably, the airport’s security staff and immigration officers were alerted before arresting the accused. Further, a Look Out Circular (LOC) was also issued beforehand, said an official. Notably, Manpreet Singh Chadha will be produced before a court on Thursday afternoon, added the official.
Chadha is the director of Uppal-Chadha Hi-tech Developers Private Limited. He has been managing the business ever since his father Ponty Chadha and his uncle lost their lives in a shootout. The incident took place at a farmhouse in South Delhi over an alleged property dispute in the year 2012.
Besides the fraud case, Manpreet Singh along with other promoters of Wave Group was booked in another case, stated Suvashis Choudhary.
(With agency inputs)