New Delhi: Property developer Sunil Dahiya, a director of Vigneshwara Developers Private Ltd has been arrested by the Economic Offences Wing of the Delhi Police for allegedly duping scores of investors to the tune of Rs 160 crore.

Dahiya was wanted by the EOW in three cases which were registered at its Mandir Marg Police Station.

“These cases were registered in connection of two projects launched by Vigneshwara Developers Pvt Ltd and its group companies at Manesar, Gurgaon and Sector-74, Gurgaon. Approximately 700 investors had invested in these projects.

“We had received complaints from nearly 350 investors who have been allegedly cheated to the tune of Rs 160 Crores by the directors of the accused company,” said Deputy Commissioner of Police (EOW) Mangesh Kashyap.

Dahiya was avoiding his arrest for quite some time and was staying at various five star hotels in the city to avoid being tracked.

Police had got specific information yesterday that Sunil Dahiya will be visiting Sunder Nagar in Delhi following which a trap was laid by a police team.

“As soon as he arrived at the spot in a chauffer driven BMW car, he was apprehended. We have recovered eight mobile phones, one I-pod, one laptop, various credit/debit cards and other documents from him and his car. The BMW Car in which accused was traveling has also been seized. Purchased in 2013, the car is registered in the name of Vigneshwara Developers Pvt Ltd,” said Kashyap.

According to police, it has been alleged in all three cases registered with EOW that the directors of Vigneshwara Developers, identified as Sunil Dahiya, Sanjay Dahiya and Daryao Singh induced them by way of media advertisement as well as by way of personal assurances to invest in the twin projects.

The accused directors also induced the various investors to enter into a barter transaction whereby investors were made to sell off their immovable properties to Vigneshwara Group of Companies and after making the payment against the Sale Consideration, got the same invested back in its projects.

“Directors of the company made unrealistic promises to general public regarding the projects and assured rate of return and lured them to invest in these companies. However, the company did not have all the approvals required for the projects,” said Kashyap.

Also the accused persons intended to cheat the investors after collecting maximum possible amount as they neither provided the returns assured by them nor made any realistic efforts to fulfill their promises regarding the execution of projects.

When Dahiya was arrested, he was planning to leave for Chandigarh to avoid being caught. Soon after his arrest, he complained of uneasiness. His medical examination was conducted in which all parameters were found normal.

The investigation of the case is in progress and search of other accused persons is also being made and raids are being conducted at several places, police said.