Real estate giant held for Rs 10.20 crore cheating
Mar 16, 2014
Source : The Times of India

 

CHANDIGARH: A real estate giant, RK Aggarwal, owner of Shalimar estate pvt ltd, was held for committing a fraud of over Rs 10.20 crore with his business partner, Kewal Garg, on Saturday. Accused Aggarwal is also the owner of Shalimar Mega Mall, a multiplex-cum-shopping center, in sector 5, Panchkula and he has been remanded in three days police custody.

The wife of RK Aggarwal, Kamlesh Aggarwal, and the manager of a local branch of national bank, Jitender Singh, were also named as accused in the FIR, which was registered at Sector 3 police station.

Interestingly, over three dozen investors from Tricity stormed in the premises of economic offences wing for submitting their complaints against Aggarwal alleging they were also not given possession of shops existing in Shalimar Shopping Mall despite issuing allotment letters on their names by Aggarwal. The investors alleged they had paid Rs 35 lakh to Rs 56 lakhs to the accused for each shop.

The complainant Kewal Garg reported to police that he had invested Rs 10.20 crore in the Shalimar project of Aggarwal, who had promised him to return his money along with interest when the shops in the mall will sell. Police sources said Garg had invested his money in 2004 but has not received any profit and his principal amount till December, 2013.

The matter is being investigated by Economic Offenses Wing (EOW) sector 17. ASI Satnam Singh, the probe officer, said a request was made for five days police custody and court granted the remand of three days. Accused Kamlesh Aggarwal and Jitender Singh yet to arrest in this regard.

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