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Peeved buyers stage demo against ‘fraud’ realty firm
A group of more than 70 investors staged a peaceful protest on Monday against a real estate company in front of their office in Sushant Lok over charges of fraud.
A group of more than 70 investors staged a peaceful protest on Monday against a real estate company in front of their office in Sushant Lok over charges of fraud.
The protesters, who had invested money in MVL Limited for two under-construction commercial projects in Gurgaon at Sector 35 and Sector 15-1 in 2008-09, had been assured a return of 12% per month. However, the investors have not received any payment for June-November 2012.
"Company officials have never bothered to answer our queries or meet us in this regard. We have invested our hard-earned money in two projects after assurances of good returns and a share in the company's future profits," said Mahender Joon, a resident of Sector 23 in Gurgaon.
"None of us have got our monthly installments," added another investor.
Since June, the aggrieved investors have been visiting the firm's Delhi and Gurgaon offices to inquire about the pending installments, but to no avail.
People from the national capital region and cities such as Agra and Meerut were present.
"We would approach the consumer court and the civil court on grounds of fraud and breach of trust. The company cannot violate the agreement we have signed and evade our queries as well," said MM Bharadwaj, an investor from Agra.
Those affected, many of them senior citizens and retired officials, are in the process of seeking legal advice from senior lawyers. They have no option but to stage a protest or move court. The group, however, had apprised the Gurgaon deputy commissioner PC Meena regarding the matter to seek help.
Meanwhile, Prem Adip Rishi, the chairman of the company, refused to comment saying he has sought details from his subordinates about the alleged pending payments.
"I refuse to accept the allegation. I am looking into the matter and, maybe in a day or two, I will be in a position to brief the media," Rishi said.
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