Builder held for duping CGCL vice president of ₹2.53 cr

When Aggarwal and his family visited the spot in April, they saw that the site had been sealed by bank officials, who had mortgaged the flats without informing them first

The Azad Maidan police arrested a builder on Thursday after he failed to hand over possession of a property that the senior vice-president of Capri Global Capital Limited (CGCL) had paid him for.

The complainant, Ashok Aggarwal had bought three flats in Orbit Residency Park in Saki Naka for Rs2.53 crore. However, when Aggarwal and his family visited the spot in April, they saw that the site had been sealed by bank officials, who had mortgaged the flats without informing them first.

“The builder had taken a huge loan from LIC Housing and Finance Limited (LICHFL ). The builder was supposed to deposit the sale amount of all the flats in an escrow account with HDFC but as they failed to do so, the LICHFL took over the property and mortgaged the flats, following which a complaint was registered with the Azad Maidan police on May 3,” said an officer from Azad Maidan police station.

The accused, Pujit Agarwal was arrested from Hutatma Chowk in South Mumbai. He was produced in Killa court and has been remanded to police custody till September 12.

“ Aggarwal and his father Ravikiran cheated us by not depositing the money. Thus, when LICHFL took possession of the flats after Aggarwal failed to repay the loan, they derecognised investors like us. Based on our complaint, the Azad Maidan police registered a case against the Aggarwals for cheating,” a statement issued by the CGCL read.