Thrusday, June 09, 2011

Fraud Delhi Realtor Arrested

              A trial court on June 9 sent the woman director of a real estate firm to five-day police custody. She was arrested for allegedly duping over 300 investors of several hundred crores.
              Additional chief metropolitan magistrate Amit Bansal allowed the Economic Offence Wing cell of Delhi Police to interrogate Madhu Singh, director of AJS Builders Ltd.
              Madhu was arrested by EOW sleuths from her office in Gole Market after a raid. Seeking seven days of police custody for Madhu, the prosecution said that her company had allegedly collected more than Rs 700 crores from 1,500 investors in three projects on the pretext of providing them flats in a time-bound manner. Presently 338 investors have filed complaints against the company with the Delhi police with regard to cheating and criminal conspiracy.
              While seeking Madhu’s custody, the prosecution said still they have to search her office and recover documents and ascertain details of movable and immovable assets which she had purchased with the money acquired through cheating and diversion of funds.
              Pradeep Mahajan, the counsel for complainants, said, Madhu took the money from investors under the housing scheme but even after three years not a single flat had been allotted. The company has no land to develop the residential colony as disclosed in its brochure. “She still has to pay Rs 13 crore to these 338 investors,” Mahajan alleged. Complainants alleged Madhu had recently launched ‘AJS Hill View Apartments’ project, dedicated to the late Prabhjot Singh, at Sector-62, Gurgaon. She allegedly promised the investors to allot them flats within 12 months from the date of application.