Pune builder Darode Jog in trouble for defaulting on fixed deposit repayments

Prominent Pune builder Darode Jog in trouble for defaulting on fixed deposit repayments

After DSK Group, yet another prominent developer from the city is walking a tightrope. Several home buyers and investors in Darode Jog Properties have been crying foul in recent times. While home buyers are ruing delayed possessions or cancellations, those who have invested by way of fixed deposits are alleging that the developers have defaulted on interest and principal.

Darode Jog is a three-decade-old construction company started by Sudhir Darode and Anand Jog. They have completed 70-odd projects so far in the city and have a dozen ongoing ones. The firm was recently embroiled in another controversy for not completing the handover of flats in a residential project in Model Colony. A complaint was filed against the founders at Deccan police station in December.

In the current case, buyers and investors have taken around 50 cases of cheque-bouncing and non-payment of interest to court. With time, sources reveal that at least a few dozen more cases are on the verge of being filed. The Pune civil court recently ordered that the developer must repay Rs 2 lakh along with interest to the investor. The case had been filed by Meenal Pangarkar, a resident of Kothrud, who had invested Rs 2 lakh with the developer.

Sources revealed that the developers had started a fixed deposit scheme under which they paid monthly interest or cumulative interest. Investors from both schemes are now wondering if they will ever see their money again.

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