Ponty Chadha Monty Chadha
Chadha has been managing the family-run business after his father's death.

The Economic Offences Wing of the Delhi Police arrested Manpreet Singh Chadha, alias Monty Chadha, the chairperson of the Wave group and director of Uppal-Chadha Hi-tech Developers Private Limited, at New Delhi's Indira Gandhi International Airport late on Wednesday.

Chadha, who is the son of the slain liquor baron Ponty Chadha, was arrested in connection with an alleged fraud of over Rs 100 crore. He is accused of cheating people by making fake promises of giving flats at cheaper prices.

A Look Out Circular (LOC) was issued against Chadha a few months ago and the airport's security staff and immigration officers were alerted before his arrest. He was arrested on Wednesday while trying to escape to Thailand, said Additional Commissioner Police (EOW) Suvashish Chaudhary.

According to an FIR registered against Chadha and his associates in January last year, the group failed to deliver a promised hi-tech township, including a metro train station and a helipad, near National Highway 24 in Ghaziabad. The FIR said that the developers have been "playing with the investor's hard earned money" since 2006. The case had been registered under sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the IPC.

Chadha will be produced before a local court, on Thursday, June 13.

Chadha has been managing the family-run Wave group's retail and entertainment businesses - Centrestage Mall, Westend Mall, Wave Cinemas and Wave Infratech, comprising commercial and residential real estate – since his father's death.

Ponty Chadha and his younger brother were killed in a shootout at a farmhouse in Delhi over an alleged property dispute in 2012.