COIMBATORE: More than 50 people, of Kavundampalayam, Perianaickenpalayam and Karamadai petitioned the district collector Archana Patnaik on Monday, seeking action against a real estate promoter for swindling 1.50 crore.
The district crime branch (DCB) of police started inquiry on Monday evening.
They said in the petition that they had seen an advertisement in newspapers by proprietors of Star Land Bank and Star Associates M Venkatesh, Gowri, Muthukumar and Arumugam in January 2015.
The advertisers claimed that they planned to sale 148 plots (each of 600 square feet) in Pilichi village near Karamadai.
They named the site 'Kuberapuri Nagar'. Venkatesh allegedly announced that the investors would have to pay 1 lakh for each plots and land will be registered immediately after full settlement of the amount.
Over 70 people invested 1.50 crores and agreements were given to the investors by the realtors.
They were promised that the land will be registered in the first week of September. But the realtors did not take any steps for carrying out the registration.
Meanwhile, the land owners started to cultivate the crops on the land promised to the investors.
K Karthikeyan, of Kavundamapalayam said that he had paid Rs 2 lakh for two plots. He got the documents from the realtors.
"I requested them to register the document for the plots. But the realtors refused to register the land. They started their business in various names in Madampatti and Chettipalayam also. Police should take action against them and attach their properties," said Karthikeyan.
Collector Archana Patnaik received the petition and promised them that appropriate action would be taken.