Shell firm boss held for using buyers' money to purchase land in Goa
The director of a shell firm has been arrested here for allegedly illegally diverting money of property buyers from the main company and using it to purchase land in Goa, police said Tuesday.
The 20-something Aditya Goyal was arrested on Monday and has been booked under Indian Penal Code sections 420 (fraud), 406 (criminal breach of trust), 467 (forgery of valuable security, will, etc), 506 (criminal intimidation), and related offences, they said.
Aditya's father, Awadhesh Goyal, a director of Earth Infrastructure, is already behind bars in the two-year-old case in which an FIR was registered at Sector 20 police station in Noida on a complaint by a Meerut-based buyer.
Police said the fund was allegedly diverted in connivance with two individuals -- Mukul Garg and Ratan Vijay -- who together floated around 10 firms to illegally divert the money of buyers from the Earth Iconic Infrastructures and Earth Infrastructure.
They further transferred it into 100s of other "front companies" ...