Orbit Corporation’s MD, Pujit Aggarwal, granted bail

Orbit Corporation’s MD, Pujit Aggarwal, granted bail
15/07/2017 , by , in News/Views

Pujit Aggarwal, promoter of the real estate fir Orbit Corporation was granted bail on Thursday by Bombay High Court in two criminal cases of cheating flat buyers of over Rs. 50 crore. Aggrawal has been in custody since September 2016, following his arrest by Azad Maidan police and then by Economic Offences Wing.

During the hearing of his bail plea before Justice P. D. Naik, his layers said that he has been in custody for over 10 months and the chargesheet was filed in November 2016 and Aggarwal’s continued custody is no longer essential also because the alleged case is based on documentary evidence and his release on bail at this stage would not impede the case. The layer further argued that the passport of Aggrawal is with the EOW and so there is no question of him leaving the country.  The court granted him bail of Rs. 1 lakh surety each in both cases.

Police had arrested Aggarwal following an FIR by Capri Global Capital Ltd against Orbit Corporation and its two promoters—Ravi Kiran Aggarwal and his son Pujit—for having cheated it of Rs 2.53 crore over three flats it had booked in Orbit Residency Park at Saki Naka only to find out they were already mortgaged to LIC Housing Finance Ltd and were up for auction. In the second case, 82 people who booked flats claimed they were not given a full disclosure and 34 of them filed a complaint.

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