Builder held in Mumbai for cheating Delhiites of Rs 25 crore
allegedly cheated around 3,000 investors of Rs 25 crore by promising residential plots in Navi Mumbai
Jun 08, 2013
Source : The Economic Times

 

DELHI: A chef-turned-builder, who allegedly cheated around 3,000 investors of Rs 25 crore by promising residential plots in Navi Mumbai, has been arrested from Mumbai, police said today.

Ashley Noel Concessio (42), who entered real estate sector after a stint as a chef and marketing man, was apprehended from Andheri (East) on Monday by Economic Offences Wing (EOW).

Concessio had floated a residential plots project Pragati Valley in Navi Mumbai through his firm in 2005.

He allegedly sold around 5,000 plots with the help of marketing agents in Delhi collecting Rs 25 crores from the investors, Joint Commissioner of Police (EoW) Sandeep Goel said.

"However, he later reneged on the deal and fled without refunding investors money. We had received around 400 complaints against him," he said.

Concessio who was born and brought up in Bandra, Mumbai had worked as a Chef in Kuwait for two year and jumped into Real Estate sector in 2005 after coming back to Mumbai.

He started a proprietorship firm in the name of Pragati Land and Housing Corporation which purchased some land in Karzat near Navi Mumbai for the project Pragati Valley.

However, Maharastra government did not give necessary approvals regarding change of land use for the residential project. As the project could not come up, he sold the land and fled away, Goel said.

A large number of complaints were lodged against him and cops were looking for him. After many raids in Mumbai and Pune, Ashley was finally arrested on Monday from Andheri (East), Mumbai, police said.

Latest Realty News

Relief to builders, Centre relaxes green norms for high-rises
Jun 08, 2013
DELHI: In what will be a big relief to builders in tightly-packed cities such as Mumbai, the environment ministry has done away with green clearances for high-rise buildings based on the width of the roads that they fall by the side of and the distance from fire-stations. It has left it to the state government to makes rules as they deem fit.
‘Investment in IT corridors can reap good benefits’
Jun 08, 2013
DELHI: The real estate sector in India is on a high growth path, and IT industry has a major role to play. The influx of IT set-ups across India has given a push to the demand and supply of residential as well commercial space in the country.
Vacancy levels a key for commercial investment in Delhi-NCR
Jun 08, 2013
DELHI: Investing in a commercial property is a tough decision to make. If unplanned, one may have to bear high losses. And when you are thinking of investing in a metro city like Delhi-NCR, the risk factor is even higher.
Real estate bill will empower consumer
Jun 08, 2013
DELHI: Five years or so in the making, the Real Estate Regulation and Development (RERD) Bill has finally been cleared by the Cabinet.
Real estate bill leaves developers unhappy
Jun 08, 2013
DELHI: Developers and builders have raised concern about some of the provisions of the Real Estate (Regulation and Development) Bill and said stringent rules such as launching projects only after getting all statutory clearances would delay projects and push-up costs.
Real transparency: Real estate bill will empower consumer
Jun 07, 2013
DELHI: Five years or so in the making, the Real Estate Regulation and Development ( RERD) Bill has finally been cleared by the Cabinet.
Homebuyers fear anti-forces may weaken bill
Jun 07, 2013
NOIDA: Even though homebuyers in GautamBudhNagar district have hailed the passing of the Real Estate Regulatory Bill by the Union Cabinet, they are sceptical and fear that some 'anti-forces' may weaken the proposal.
Realty regulatory bill should cover all stakeholders: CREDAI
Jun 07, 2013
DELHI: The bill to regulate real estate sector should cover the authorities responsible for giving approvals for projects, besides developers community, realtors' body CREDAI said today.
MCG to allow division of plots less than 1,000sqm
Jun 07, 2013
DELHI: The city municipal corporation has sent a proposal to the state authorities asking them to allow sub-division of plots measuring less than 1,000 square metres at a nominal fee. At present, owners whose plot is lass than 1,000 square metres cannot further divide it.
Real Estate Regulatory Bill may become breeding ground of corruption, says CREDAI chairman
Jun 06, 2013
MUMBAI: Stating that the Real Estate Regulatory Bill approved by the Union Cabinet seeks to whip only errant developers, realtors apex body CREDAI Chairman Mr. Lalit Kumar Jain has expressed fear that it could encourage corruption instead of curtailing the social menace.

Latest Realty News Of State

Realty Talk's