Tuesday, July 5, 2011

Builder, realtor arrested for duping investor - Indian Express

Builder, realtor arrested for duping investor - Indian Express

Two builders and a property dealer were arrested for duping an NGO activist of Rs 45 lakh on the pretext of selling him a house in south Delhi’s Safdarjung enclave area, police said on Friday.
The accused, who had considered the client incapable of generating the money, decided to con him and sold the same property to another client for Rs 70 lakh, officials said.

However, despite his financial difficulties, Pradeep Kumar Samantha began paying the amount in instalments and on realising this, the accused began ignoring him and sold the same property to another.

The arrested are Karan Rajput (58), Managing Director of Accurate builders; Ramesh Chander Kalra (59) Karan’s business partner and Balbir Singh Nagar (44), a realtor.

“The arrests came following a probe into a complaint by Samantha on May 5. He told police that he had been duped by the said persons of Rs 45 lakh after he was persuaded to buy a property measuring 70 square metres in Safdarjung Enclave’s B block,” said Deputy commissioner of Police (South) Chayya Sharma.

Samantha planned to invest in the property thinking it would fetch him good returns in a re-sale deal. However, arranging the money was not easy as he had to sell his wife’s jewellery, borrow Rs 10 lakh from a priest in Satya Niketan on a heavy interest and take a loan from Muthoot finance company of Rs 25 lakh, police said as per Samantha’s complaint.

However, Samantha’s determination to buy the property surprised the accused, who had realised that their plan would fail if the victim paid up the full amount of Rs 1 crore and Rs 15 lakh.

In a bid to corner Samantha, the accused informed him that as per their ‘agreement to sell’, he was required to pay the full amount in a month, which according to them, he did not fulfill.

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