The Hush Post: Amit Satija, the senior vice president of Earth Iconic Infrastructure Private Limited has been arrested by a crime branch team in Noida. He has been arrested in connection with a fraud perpetrated against buyers of Earth Titanium project in Greater Noida.
Apart from Satija, the police have already arrested four directors of Earth Iconic Infrastructures Limited, namely Atul Gupta, Vikas Gupta, Avdhesh Gupta and Rajneesh Mittal. They are currently in Tihar jail for several cases of fraud lodged against the company in the past four years.
Satija was rounded up by a special team of the Noida Crime Branch, when he arrived in Noida for a work-related meeting. Scores of homebuyers have alleged that Satija had sold them flats in an unfinished Ansal Builders project through dubious means, and had falsely promised them ‘assured returns’.
The police said, the accused has been involved in a fraudulent case involving crores of rupees and as many as 1,200 homebuyers.
According to the police, he has been booked under the Indian Penal Code sections 420, 406, 463, 468, 471, 504, 506 and 120B for cheating, criminal breach of trust, forgery, forgery for purpose of cheating, using a forged document as genuine, intentional insult, criminal intimidation and criminal conspiracy.
“We have arrested Satija based on an FIR lodged against him at the Sector 20 police station. We picked him up from his Noida office. He has been accused of selling studio apartments and other flats in an unfinished project belonging to Ansal IT City and Parks Limited to buyers through dubious means. He had also assured them of a 12 per cent return if the buyer paid the total amount in advance,” Ashok Kumar, superintendent of police (crime), said.
According to the police, the Greater Noida authority had granted a lease deed to set up a Special Economic Zone (SEZ) in Tech Zone 6 to Ansal IT City and Parks Limited, from February 2006. In 2012, Earth Iconic Infrastructures Limited was signed on as a co-developer by the Ansal group and the possession of the plot meant for Earth Titanium Project was given to the former in May 2013.
“Earth Iconic Infrastructures Limited was given the task to complete the project by 2016 on two conditions. One, that the entire cost be taken up by the group, and two, the flats will be leased to people only from IT industry. However, Satija and his company started leasing unfinished studio apartments/other flats to all types of buyers under the fake assurance of a 12% cash return if the buyer paid the entire amount in advance. They took all the money even before starting the project, and till date, the company neither completed the project nor gave anyone the ‘assured return’,” Harsh Thapa, a homebuyer of Earth Titanium Project, said.
Bushra Aslam, the associate vice president of the company, was also arrested in a fraud case in 2017. However, he was later released on bail.