CBI Seizes Records of 2 Real Estate Firms
The two Kolkata-based real estate firms are accused of collecting more than ` five crore on the pretext of providing land at prime locations to the investors at cheap rate
Dec 16, 2014
Source : The New Indian Express

 

BALASORE: A team of CBI officials from West Bengal on Monday seized some documents from Baliapal offices of Remac Realty India Limited and Infinity Realcon Private Limited.

The three-member team, led by SIT SP Rajiv Ranjan,  also spoke to the owners of the houses which the two firms had taken on rent for running their companies.

The two Kolkata-based real estate firms are accused of collecting more than ` five crore on the pretext of providing land at prime locations to the investors at cheap rate. The companies had also assured the customers of hefty returns in lieu of land.

Both the companies had been collecting deposits after opening their branches in Baliapal and its adjoining areas. The branch offices were sealed during the State-wide raid by the Crime Branch sleuths in May last year.  On Monday, some investors met the CBI officials and submitted documents relating to collective investment schemes floated by the two firms.

In July, Securities and Exchange Board of India (SEBI) had asked Remac Realty India Ltd to stop its ‘collective investment scheme’. SEBI had directed the company and its directors Partha Pratim Tewari, Arnab Roy and others not to collect money from investors for its existing schemes or launch any new scheme. It is alleged that the company continued to collect investment for its scheme despite SEBI instructions.

 

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