Sanjeev Jain, the chief executive officer and managing director of Parsvnath Developers, was arrested by Delhi Police at the Indira Gandhi international airport after a 60-kilometre chase.
Sanjeev Jain fled when a team of the Delhi Police arrived to arrest him at his residence on Saturday, leading to the chase and consequent arrest.
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Warrants against Sanjeev Jain had been issued in connection with a consumer complaint case filed by a man called Rajat Babbar in 2017.
In a regulatory filing, the company said the complaint was lodged by an allottee of the company related to a refund due to a delay in handing over possession of a flat/unit.
Four non-bailable warrants and one bailable warrant from the National Consumer Disputes Redressal Commission were pending at the Shahdara police station against Jain for this reason.
The most recent non bailable warrant had been filed on July 18, 2024, but Sanjeev Jain did not appear before the commission, the police said.
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Deputy commissioner of police (Shahdara) Surendra Choudhary said in a statement,”Jain was arrested on Saturday by the STF team of Shahdara from the IGI airport following non-bailable warrants issued against the CEO for his inability to appear before the National Consumer Disputes Redressal Commission.”
On August 5, 2024, Parsvnath Developers Limited responded, saying that the non bailable warrants issued against Sanjeev Jain were due to a default in repayment of the refund amount.
Their statement said, “Subsequently, the Company has deposited the decretal amount on the Courtโs record, and accordingly, the matter regarding non-bailable warrants is now resolved.”
The company also clarified that neither them nor Jain were trying to escape responsibility in the case and would follow the directions of the court.
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The managing director and CEO of a subsidiary of the realty firm, Parsvnath Developers, is a resident of Gurugram, living in DLF phase 2. He has been a part of Parsvnath Developers Private Limited for 32 years.
The company Parsvnath Developers was established in 1984 and is present in 37 cities and 13 states across the country.
Sanjeev Jain also holds a bachelor’s degree in civil engineering from Bharti Vidyapeeth, Pune. He did his schooling in Khekra, Uttar Pradesh, attending Jain Khekra Inter College.
Sanjeev Jain, after his arrest, was produced before the commission on Sunday.
