Chit fund: CBI files chargesheet against Real Alliance Estates
Dec 19, 2015
Source : Toi


Bhubaneswar: CBI, which is probing the Odisha mega chit fund scam, on Friday filed a chargesheet against Real Alliance Estates Private Limited, a Ponzi firm, in the CBI special court here. CBI is at present probing the scams of 44 companies.

Charge-sheets have been filed against the company's directors Nikhil Patnaik and Laxminarayan Satnami, said a CBI officer. CBI, however, has not arrested anyone from the company.

The chargesheet said the company duped hundreds of depositors of nearly Rs 1.2 crore by promising them hefty returns.

CBI sources said the company's operations were limited to Odisha. Most of the investors were from Jharsuguda and Sambalpur, CBI sources said.

The central probe agency denied the involvement of any politicians or high-profile people in the scam involving Real Alliance.

Latest Realty News

Dec 19, 2015
Bhubaneswar: Police on Friday arrested real estate developer Ratikant Kanungo from Saheed Nagar here on charges of duping land buyers of more than 10 lakh. Kanungo is CMD of Shibani Estates and Promoters Ltd.
Dec 19, 2015
New Delhi: Housing prices increased by 13.7 per cent during July-September of this fiscal year compared with year-ago period but the annual growth rate has slowed down, according to a report to the Reserve Bank of India (RBI).
Dec 18, 2015
Thiruvananthapuram: The Kerala Real Estate (Regulation and Development) Bill has been framed in the backdrop of widespread frauds in the sector, urban affairs minister Manjalamkuzhi Ali said in the assembly on Thursday. The bill was passed by the assembly after a discussion that lasted over four hours.
Dec 17, 2015
New Delhi: The government will consider the real estate industry's demand to remove double taxation on developers who have to pay both labour cess as well as PF/ESI, Labour Minister Bandaru Dattatreya said on Wednesday.
Dec 17, 2015
US housing starts in November rebounded from a seven-month low and permits surged to a five-month high, signs of strength in the housing market that could give the Federal Reserve more confidence to raise interest rates on Wednesday.
Dec 17, 2015
Mumbai: A relaxed FDI (foreign direct investment) policy for the realty sector has reinforced the confidence of overseas investors and has helped India regain its place as one of the preferred investment destinations, according to a survey by PwC.
Dec 15, 2015
New Delhi: Hospitality chain Hotel Leelaventure on Monday completed the Rs 725-crore sale of its Goa property to Ceres Hotels.
Dec 14, 2015
NEW DELHI: Realty firm Vipul Ltd has raised Rs 150 crore from DMI Finance Ltd to develop a luxury housing project in Gurgaon.
Dec 11, 2015
New Delhi: Around 8,500 allottees - almost one-third - of a housing scheme of Delhi Development Authority (DDA) have surrendered their flats, Rajya Sabha was informed on Thursday.
Dec 10, 2015
CHANDIGARH: The District Consumer Disputes Redressal Forum has fined managing director Udey Raj Singh Brar and director Amarjit Singh of real estate firm UK Homes with Rs 10,000 each, holding them guilty of non-compliance of orders to refund more than Rs 4.50 lakh to a complainant. They would face imprisonment of three years if they failed to comply with the orders, the forum ordered.

Latest Realty News Of State

Realty Talk's