EOW arrests director of MVL for delayed Gurugram projects

The economic offences wing (EOW) of Delhi Police has arrested one of the directors of real estate company MVL Limited, for taking money from hundreds of homebuyers for three residential projects — Coral and Palm in Bhiwadi and Indihomes in Gurgaon — and not delivering them on time. Homebuyers said a part of the MVL Coral project, which was supposed to be delivered in 2013, was built on illegally acquired land. Three of the towers have been delivered, while three others are unfinished, with excavation for one not having begun till date. Similarly, MVL Palm was sold without proper approvals, while in the case of Indihomes, which was to be delivered in 2011, possession is yet to be given, though buyers alleged they have paid up almost 95% in most cases. The director, PremAdip Rishi, was arrested from outside Delhi high court on Wednesday and immediately produced before the chief metropolitan magistrate of Saket court, who sent him to five days of police remand. Sources said EOW had put Rishi’s mobile phone on surveillance and laid a trap to arrest him after he began to regularly skip court proceedings.