New Delhi: A man has been arrested for allegedly duping flat-buyers of a residential project by the Delhi Police's Economic Offences Wing, police said on Wednesday.The accused, identified as Diwakar Sharma, the managing director of Shubhkamna Buildtech Private, was arrested on September 6, they said.The complainant society 'Techomes Flat Buyers Welfare Association' gave a complaint on behalf of 49 members of the society, alleging that the buyers had purchased flats in the residential project namely "shubhkamna-advert techomes" being developed by the alleged firm at a plot in Sector-137 of Noida, a senior police official said.The complainants alleged that the firm gave assurance of giving physical possession of their flats within 36 months from the start of construction, which started on February 2, 2011, the officer said.The buyers have paid nearly 90 per cent of the total sale consideration of their respective flats in terms of the payment schedule.

But later the builder had stopped the construction all of a sudden, the officer added.They complained that the alleged builder had started booking of flats before even execution of lease deed and had diverted the funds for his own use, the senior officer said.During the course of investigation it has been found that the accused collected crores of rupees from the buyers.

An investigation of the case is in underway, the officer added.For more Noida news, click here