Pune developer booked for cheating 16 investors

Pune developer booked for cheating 16 investors
12/09/2017 , by , in News/Views

The Bund Garden police booked a land developer and three of his employees on Saturday for cheating 16 investors. The developer and his aides have been accused of luring investors to put their money in a bungalow plot scheme that failed to come through. No arrests were reported till late in Sunday evening

As per the developer’s sales pitch, investors were to pay for the plots and develop properties on them. After that, they were to hand over the developed property to the land developer for extension on lease to third parties. Every investor was promised a decent rental income. However, even after the investors paid for the plots, the developer failed to hand over the same.

According to police, over a period of three years, investors had paid Rs 63.40 lakh to the developer. One of the victims, Chaitral Shindikar (31), of Bibvewadi-Kondhwa road, lodged a police complaint against the developer on Saturday.

Police have booked the land developer, who is a resident of Dhanori, and his three employees for duping the 16 persons to the tune of Rs 63.40 lakh. According to the complaint, the developer had released an advertisement claiming that his firm would be selling bungalow plots in Pune city and other parts of the district in December 2014.

After discussing the terms and conditions, each of the investors paid Rs 1 lakh as the booking amount, and went on to make further payments to secure the possession of the plots. However, the suspects did not give possession of the plots to the investors despite accepting full payment. The investors claimed that many others have also been similarly duped.

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