A city-based developer has allegedly duped gullible buyers of large sums of money by offering them bogus pre-launch schemes.
The police have been flooded with complaints against PSG Developers and Engineers Ltd, operating out of a central Delhi hotel, which advertised schemes in “upcoming townships” across Noida, Faridabad, Gurgaon, Manesar, Agra, Jaipur and other places. No project was, however, completed.
Under a pre-launch scheme, a developer can sell housing plots at cheap prices even before acquiring the necessary licences to start building; at times even before acquiring the land required to build on.
On Wednesday, 24 buyers filed a joint complaint with the Delhi Police’s Economic Offences Wing (EOW). An EOW officer said another joint complaint was lodged last week.
The Delhi Police have started a preliminary inquiry. KK Vyas, additional deputy commissioner of police, EOW, said, “We will verify the details before registering a case.”
The complainants alleged that most cheques issued by the developer as refund had bounced.
Sumit Nanda, one of the complainants, bought a plot along the Noida-Greater Noida Expressway for Rs 3 lakh last August but decided to withdraw from the scheme some time later. In February, PSG Developers and Engineers Limited issued him a cheque -- drawn on UTI Bank's Saket branch -- for Rs 3 lakh, which bounced. Nanda said, " I sent the developer a legal notice. I received a reply saying the amount would be returned by the first week of June. They have paid back Rs 2 lakh, but still owe me Rs 1 lakh."
Manish Bajaj, another complainant bought a plot along the Noida-Greater Noida Expressway and in Manesar in February 2006 for Rs 15 lakh. "The plots were being offered at almost half of the prevailing market rate," he said. "I withdrew two months later. The developer refunded my money through a cheque but I refused to accept it, since cheques issued to other investors had bounced."
When HT went to PSG Developers and Engineers Limited's corporate office in Delhi, over 30 investors were questioning the company's accounts officer, who said payments were stuck due to a cash crunch but would be made soon.
The company's managing director, YS Rana, did not respond to queries.