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Multi-crore scam in real estate unearthed

 A multi-crore scam in real estate has been unearthed by the Economic Offences Wing of the Delhi police with the arrest of a promoter of An Buildwell who allegedly floated real estate entities and cheated over 600 investors.

According to the police, Sandy Hooda along with his accomplice S.K.Hooda, who is absconding, launched two real estate entities in the name of AN Buildwell, a partnership firm, and Vega School early last year.

Two different brochures were printed by the Directors of AN Buildwell with respect to details and locations of the proposed 280-acre township on National Highway-91. The brochure projected Rajshree Group as an Indo-Swedish joint venture. The company was shown as one of the fastest growing real estate developers in the National Capital Region, whereas it had no history of any real estate development projects and the accounts of both entities were opened with zero balance.

Interestingly, the promoters of the company started the purchase of land after the inflow of money from the investors started. Sandy Hooda and S.K.Hooda put huge advertisements in newspapers, magazines and journals and even wrote expert articles in magazines as real estate consultants.
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