NRI's be cautious
NRIs among 40 duped by Gurgaon builder
Gurgaon: The economic slowdown in the West may have led many NRIs to consider coming home, but they run a serious risk of being duped by fake promoters. In a huge property fraud in Gurgaon, over 40 people, many of them unsuspecting NRIs, were duped to the tune of Rs 14.31 crore by one Ozo Media Estate Ltd.
Though 18 FIRs have been lodged against the company and its promoters, Gurgaon police is yet to even question any of the accused on the plea that “it’s a lengthy and complicated case.”
The promoters reportedly sold commercial office space between January-April 2006 on the 16th to 21st floor in a building to be constructed in Mumbai and collected Rs 14.31 crore. As the fraud came to light, FIRs were lodged against Ozo Media Estate Ltd, Champak Textile Pvt Ltd and 14 individuals.
Though it took a directive from the Punjab and Haryana High Court for the police to launch investigations, the Gurgaon cops have since endorsed in a city court the charge of victims against the promoters.
The accused had claimed that they were coming up with a 25-floor commercial complex in Shah Industrial Estate, Veera Desai Road, Andheri (west) in Mumbai. As part of their pitch, the investors said the buyers could pay in instalments and that the amount collected would be deposited in an escrow account.
The investors who were taken in by the pretence woke up to the fraud when they found that the promoters had neither started construction nor put their investment in the escrow account. By that time, the accused had collected Rs 14.31 crore and shut their office in Gurgaon.
Police also submitted that investigation found that the accused had applied for only two storey in October 2006 but kept offering office space for 16-21 floor. ‘‘This indicates the accused neither had any intention to construct the 25-floor building nor had applied for permission. Hence it is a clear case of fraud,’’ the police report submitted.
The police report further stated that they were informed that the developer had also the plan to sell that piece of land and hence pleaded for attaching the 2,128 sq m property in Mumbai.
Responding to the plea, a judicial magistrate court ordered attachment of land. Later one of the accused, Champak Textile Pvt Ltd, filed a revision petition before the district and session judge who stayed the order of the judicial magistrate. Thereafter the victims filed a petition in the high court and the HC issued order dated March 18, 2008 that ‘‘the land in question shall not be alienated in any manner.’’
Gurgaon: The economic slowdown in the West may have led many NRIs to consider coming home, but they run a serious risk of being duped by fake promoters. In a huge property fraud in Gurgaon, over 40 people, many of them unsuspecting NRIs, were duped to the tune of Rs 14.31 crore by one Ozo Media Estate Ltd.
Though 18 FIRs have been lodged against the company and its promoters, Gurgaon police is yet to even question any of the accused on the plea that “it’s a lengthy and complicated case.”
The promoters reportedly sold commercial office space between January-April 2006 on the 16th to 21st floor in a building to be constructed in Mumbai and collected Rs 14.31 crore. As the fraud came to light, FIRs were lodged against Ozo Media Estate Ltd, Champak Textile Pvt Ltd and 14 individuals.
Though it took a directive from the Punjab and Haryana High Court for the police to launch investigations, the Gurgaon cops have since endorsed in a city court the charge of victims against the promoters.
The accused had claimed that they were coming up with a 25-floor commercial complex in Shah Industrial Estate, Veera Desai Road, Andheri (west) in Mumbai. As part of their pitch, the investors said the buyers could pay in instalments and that the amount collected would be deposited in an escrow account.
The investors who were taken in by the pretence woke up to the fraud when they found that the promoters had neither started construction nor put their investment in the escrow account. By that time, the accused had collected Rs 14.31 crore and shut their office in Gurgaon.
Police also submitted that investigation found that the accused had applied for only two storey in October 2006 but kept offering office space for 16-21 floor. ‘‘This indicates the accused neither had any intention to construct the 25-floor building nor had applied for permission. Hence it is a clear case of fraud,’’ the police report submitted.
The police report further stated that they were informed that the developer had also the plan to sell that piece of land and hence pleaded for attaching the 2,128 sq m property in Mumbai.
Responding to the plea, a judicial magistrate court ordered attachment of land. Later one of the accused, Champak Textile Pvt Ltd, filed a revision petition before the district and session judge who stayed the order of the judicial magistrate. Thereafter the victims filed a petition in the high court and the HC issued order dated March 18, 2008 that ‘‘the land in question shall not be alienated in any manner.’’