Delhi Police arrests late liquor baron Ponty Chadha's son Monty from IGI airport for fraud, to be presented in court on Thursday

The Economic Offences Wing of Delhi Police arrested late liquor baron Ponty Chadha's son Manpreet Singh Chadha alias Monty Chadha from the Indira Gandhi International Airport late on Wednesday night in connection with a cheating case.

Monty, who is the Director of Uppal-Chadha Hi-tech Developers Private Limited and vice chairman of the Wave group, was about to leave for Phuket when police took him into custody, sources said.

The Wave group is primarily a construction and manufacturing company which had promised lavish township projects near NH24 with numerous facilities but the same was never delivered, sources said.

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The FIR says that since the launch of the project in 2006, the developers have been "playing with the investor's hard earned money". According to the FIR filed under Section 154 CrPC, Monty has been charged with Sections 420/406/120B of Indian Penal Code (IPC) Act- 1860.

According to reports, Monty is accused of cheating several flat buyers and had a Look Out Circular (LOC) issued against him. He will be presented in court on Thursday, said reports.

The Wave group is reported to have been illegally doing business for a very long time. A similar complaint was also filed in Mohali in 2017 against the accused after the company decided to develop a 'Residential Group Housing Project' under the name and style of "Wave Gardens" in Sectors 85 and 99, SAS Nagar, Mohali, and made newspaper and visual advertisements to attract the general public to purchase the flats.

One Krishan Kumar who got lured into the scheme booked a flat in their said project by paying Rs 3,00,000, and a saleable area of 1380 sq.ft., was allotted to him for a total price of Rs 51,75,000. The group promised to deliver the possession within 30 months from the date of execution of the agreement, with an extended period of six months, subject to making timely payments by all the allottees. The group assured that the construction at the site was in full swing, despite the project already being delayed by more than two years.

In 2012, Ponty Chadha was shot dead by his brother Hardeep at their farmhouse in New Delhi over a property dispute, and the latter was also killed in retaliatory firing by Ponty's security guard. Since the death of his father, Monty was managing their liquor and real estate business.

With inputs from 101 reporters