9 cr dupe charge on 2 realty directors, Real Estate News, ET Real Estate

PuneThe Economic Offenses Wing (EOW) of the city police has registered a case against two directors of a realty firm following a complaint by an estate agent alleging fraud of Rs 9.11 crore on investments made in two projects in Punekarnagar in 2016. . undri And at Somji Chowk in Kondhwa.

Complainant Paramjeet Singh Arora told the police that he had a long-standing business relationship with the realty firm. In April 2016, he invested Rs 9.11 crore in 15 flats in the scheme nirman seren One shop in Undri and another in Yojana, Estrelladeveloped by both construction corporation and its associate firms.

Arora told TOI, “The firm sold the shop to another buyer and instead promised me four flats in the Estrella scheme. Apart from the four flats promised, I booked a flat in the Estrella project. However, The firm failed to fulfill its promise by not giving the possession of the flats in any scheme nor refunding my money.The directors of the firm assured me that they will complete the projects by taking bank loan and allott me the flats at the earliest ,But till date nothing has happened.I have submitted all the documents to the police.

TOI made repeated calls to Nilesh Kamthe, a director of the firm, but did not get revert till the time of writing. SMS sent to Kamthe also did not elicit any response.

EOW assistant inspector Sandeep Khandagale said, “Rera had given extension to the realty firm to complete the understory project, but the construction work of the building is still in progress. Arora has initiated cancellation proceedings with the firm as the directors failed to deliver the flats as per the agreement. Arora did not even get the promised flat in lieu of the shop and another flat which he had booked later.

Khandagale said, “Arora had filed a complaint application in December last year. We conducted a preliminary inquiry and registered an FIR related to fraud under Indian Penal Code and MoFA. The claims made by Arora that he had business relations with the firm, along with other details in his complaint, will be verified during the probe. We will collect documents related to the two projects from the Revenue Department, RERA and others. We will plan our course of action after examining the documents.