'Builder' held for duping people of crores
Dec 23, 2013
Source : The Times of India

 

DELHI: Passing himself as a builder and a financial advisor, a 60-year-old man, who used his persuasive skills to cheat hundreds of people to the tune of Rs 200 crore, has been arrested here, police said on Sunday.

Vijay Dixit, wanted in around 30 cases of cheating, was arrested from a farmhouse in Mahipalpur area of south Delhi Saturday.

"Dixit used his age and influencing skills to cheat the investors," said Joint Commissioner of Police (Economic Offences Wing) Praveer Ranjan.

Dixit used to project himself as a builder, developer, and financial advisor having membership of Multi Commodity Exchange (MCX), he said.

"He conned the investors by promising high returns on their investments in real estate projects," said Ranjan.

"In one such matter, Dixit took money from a large number of people in the name of residential plots' pre-launch in Haryana's Sonepat town by floating a project named SBL City, despite neither having the land nor permission for the project," Ranjan said.

"After collecting money, he vanished leaving the investors in lurch," he added.

Similarly, Dixit cheated Manjula Pathak Kripendorf of more than Rs.90 lakh promising to develop her property situated in the posh Defence Colony area of south Delhi.

"In yet another case of misappropriation, he floated a company in the name of Senior Power Projects Limited and promised high returns to people by inviting investments in commodity trading at MCX.

"After receiving investments of Rs.1.70 crore (approximately) he ran away duping more than 100 investors," the officer said.

 

Latest Realty News

Affordable housing in India is the need of the hour
Dec 23, 2013
DELHI: The government has set an ambitious agenda to boost affordable housing in the country, including the metro cities and larger towns. But even several years after making its policy intention clear, the segment has lagged behind its potential. The supply of affordable homes has not been able to keep pace with the demand.
2014 to bring in hope for real estate sector
Dec 23, 2013
DELHI: As the year 2013 becomes part of our collective memory, a quick rap up leaves us enriched with the experience of the passing year. It was both exciting and disappointing year for the Indian real estate sector. While the introduction of the Real Estate Regulatory Bill in Lok Sabha and consent to the Land Acquisition Bill in the parliament will reap benefits in the future, slowing economy left the real estate fraternity disappointing from the point of view of expectations. The RBI’s bold de
Office space leasing up marginally in NCR despite slowdown
Dec 22, 2013
DELHI: Office space absorption in NCR, the largest office market in the country, is slightly higher at 4.9 million sq ft during January-September period of this year despite economic slowdown in India as well as globally, according to property consultant Knight Frank.
Public Private Partnership: Bridging the gap
Dec 21, 2013
DELHI: Public Private Partnership (PPP) broadly refers to long-term, contractual partnership between the public and private sector agencies, specifically targeted towards financing, designing, implementing and operating infrastructure facilities and services that were traditionally provided by the public sector. PPPs are therefore “cooperative venture between the public and private sectors, built on the expertise of each partner that best meets clearly defined public needs through the appropriat
Connaught Place now 7th costliest for office space
Dec 21, 2013
DELHI: Connaught Place has slipped two notches to become the world’s seventh costliest office destination due to slowdown in the realty market and fall in rupee’s exchange rate, property consultant CBRE has said.
Infrastructure public private partnerships need more flexibility: Kamal Nath
Dec 21, 2013
DELHI: Urban development minister Kamal Nath called for a more flexible approach towards infrastructure projects in order to meet India's target of developing new infrastructure worth one trillion dollars over the next few years.
RBI to relax norms for takeover of infrastructure loans
Dec 21, 2013
DELHI: The Reserve Bank of India will soon relax norms for the takeover of infrastructure loans, allowing them to be treated as standard assets even if they are rescheduled during the process. Under the current rules, any rescheduled loan is treated as a non-performing loan (NPL) for which banks have to make provisions
Realty-high GSC to invest $1 bn in India over 3 yrs
Dec 21, 2013
DELHI: A slowdown in the real estate space does not seem to have dampened US-based private equity firm Golden State Capital (GSC), which has decided to invest close to $1 billion in India over the next three years through its real estate investment trust (REIT). It also expects to get its REIT listed on the Singapore stock exchange next year.
Realty firms seek priority sector status for low-cost housing
Dec 20, 2013
DELHI: After exporters, real estate companies are demanding a priority sector tag for loans to the low-cost housing sector.
Connaught Place seventh costliest office mkt in world: CBRE
Dec 20, 2013
DELHI: Connaught Place in Delhi has slipped two notches to become the world's seventh costliest office destination due to slowdown in the realty market and fall in rupee's exchange rate, property consultant CBRE said.

Latest Realty News Of State

Realty Talk's