Real estate firm's MD held for fraud
The managing director and proprietor of a real estate company, allegedly involved in cheating more than 5000 people through a pre-launch scheme, was arrested by the crime branch of Delhi Police from Mumbai on Monday. Accused D K Aggarwal (47) had been declared proclaimed offender by the Delhi High Court and carried a reward of Rs 50,000 for his arrest in 13 cases of cheating and forgery.
CA Aggarwal had been absconding after the fraud came to light last year. He floated a company called Laxmi Vatika Limited with its office in Connaught Place. Soon afterwards the company offered pre-launch options in various housing projects at Dehradun, Mumbai, Mohali and Patna.
Aggarwal, who once worked with the JVG Group, a company involved in a Rs 172 crore scam in 2000, adopted a different modus operandi this time. He issued advertisements promising a high quality of life in the proposed townships. The investors were assured that the company had the required land, licence and registration certificate.
"In reality, the company had no land, licence or papers and all the promises were false to cheat gullible investors. No permission was sought by the company from the concerned authorities for setting up of the proposed townships and the company had no authority to collect money from the investors," said joint commissioner of police (crime and railways) Alok Verma.
Meanwhile, the company collected money for the projects from investors in the range of Rs 51,000 to Rs 7 lakh but made no allotments. Aggarwal then disappeared, prompting investors to sue him and his company. While on the run, he used 33 SIM cards to avoid being caught.
The police kept track of Aggarwal's movements, and the cases against his company were transferred to the EOW of Delhi Police. Local intelligence revealed that he moved to Mumbai where he lived in different houses and hotels.
The police traced the accused car with its Delhi registration number in Mumbai and he was arrested there.
Source :TOI
sOURCE: toi
CA Aggarwal had been absconding after the fraud came to light last year. He floated a company called Laxmi Vatika Limited with its office in Connaught Place. Soon afterwards the company offered pre-launch options in various housing projects at Dehradun, Mumbai, Mohali and Patna.
Aggarwal, who once worked with the JVG Group, a company involved in a Rs 172 crore scam in 2000, adopted a different modus operandi this time. He issued advertisements promising a high quality of life in the proposed townships. The investors were assured that the company had the required land, licence and registration certificate.
"In reality, the company had no land, licence or papers and all the promises were false to cheat gullible investors. No permission was sought by the company from the concerned authorities for setting up of the proposed townships and the company had no authority to collect money from the investors," said joint commissioner of police (crime and railways) Alok Verma.
Meanwhile, the company collected money for the projects from investors in the range of Rs 51,000 to Rs 7 lakh but made no allotments. Aggarwal then disappeared, prompting investors to sue him and his company. While on the run, he used 33 SIM cards to avoid being caught.
The police kept track of Aggarwal's movements, and the cases against his company were transferred to the EOW of Delhi Police. Local intelligence revealed that he moved to Mumbai where he lived in different houses and hotels.
The police traced the accused car with its Delhi registration number in Mumbai and he was arrested there.
Source :TOI
sOURCE: toi
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