ED attaches property of VGN Developers valued at RS 115 cr

ED attaches property of VGN Developers valued at RS 115 cr

The Enforcement Directorate, Chennai, has provisionally attached immovable properties of VGN Developers valued at Rs 115 crore. According to a press statement from the ED, it has attached the Chennai-based developer’s property under provisions of the Prevention of Money Laundering Act, 2002. The 10.46-acre property was purchased by the developer in 2013 from Hindusthan Teleprinters Ltd, a Government of India Undertaking.

A case was registered by CBI, ACB, Chennai for wrongful loss of Rs 115 Crore to the Government of India in buying the vacant land from State Bank of India, Stressed Assets Management Branch, Chennai. It was bought through a private treaty sale under SARFAESI Act to recover the dues of HTL, a public sector undertaking.

The CBI, ACB Chennai, alleged in the FIR that the bank official, company representatives and the buyers conspired to sell the prime land having a guideline value of Rs 387 Crore for a sale price of Rs 272 crore and causing loss of Rs 115 crore to the Government.

The officers of ED Chennai initiated investigations under PMLA and identified that the proceeds of crime in the form of wrongful gain derived by VGN Developers, which has been integrated in the construction  of multi storied residential apartments at Guindy, for sale to general public in the name of “VGN Fairmont”.

On the reasonable belief that “VGN Fairmont” contains the proceeds of crime to the extent of Rs 115 Crores, the said immovable properties were attached provisionally under the provisions of Prevention of Money Laundering Act.

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Govt stops villa project near Vedanthangal Bird Sanctuary

CHENNAI: The state's department of town and country planning (DTCP) has issued a stop-work notice to a developer for not obtaining prior permission to construct their farmland and resort less than half a kilometre from Vedanthangal bird sanctuary. The DTCP has sent a notice to the Vedanthangal village panchayat president Vasanthi Lakshmi for approving the plot.

"The area around the bird sanctuary is classified as agricultural land, most of which is wetland, and Ramky Wavoo Developers hasn't sought permission from us before beginning the project," says the director of the department of town and planning, A Karthik.

Vedanthangal bird sanctuary is spread over 74 acres and more than 150 species of birds can be sighted here. It is a breeding ground for threatened bird species. Environmentalists say that it is important to protect the areas around the sanctuary.

"Any development in the proximity will lead to an increased use of water, noise pollution and damage the environment," said director of Bombay Natural History Society, Asad Rahmani. "We will give them one month time to respond to our notice, failing to do so the DTCP will lock up and seal the property," added Karthik. Ramky Wavoo officials say their intention wasn't to violate any law and will take necessary steps to ensure that their project 'Eco Polis' complies with all the requirements. "This notice is a small hiccup and we will respond at the earliest," said managing director of the company, W S Habib.

Habib says the project was approved by Vedanthangal village panchayat. According to DTCP, the panchayat president can only approve plots up to 4,000sq ft. The regional office of DTCP can approve projects up to 25,000sq ft. More than that, the developer has to approach DTCP headquarters in Chennai. The Ramky Wavoo Project is around 13,000 sq ft. The panchayat president said: "I'm from a village and I'm not aware of the rules and will be careful henceforth," she said.

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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.

Read more news related to Darode Jog Builder

• MahaRERA orders Vidhi Realtors to refund money
• Pune : Another Builder Darode Jog in City Booked Under MOFA

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Ajnara Gen-X residents in Ghaziabad protest against builder

Alleging builder indifference in maintenance issues, residents of Ajnara Gen-X, a housing society in Crossings Republik, held a protest outside the builder’s office in Noida Sector 63 on Saturday.

The protesters complained that lack of maintenance in the society was increasing the risk of accidents. They alleged that the builder, Ajnara Group, was turning a blind eye to the shoddy security service, malfunctioning lifts and lack of adequate firefighting equipment in the society, despite the residents paying maintenance charges every month.

Shobhit Chitransh, a resident of Saffron Tower in Ajnara Gen-X, said: “We have been pursuing this matter for two years now, but nothing has happened so far. The builder keeps saying the changes will be done, but nothing really happens.”

Citing a recent incident of elevator malfunction, Chitransh said, “My wife and two-month-old daughter were stuck in a lift on the 15th floor on Friday. The lift suddenly stopped midway between the 15th and the 16th floors. My wife couldn’t raise an alarm as the lift did not have any alarm buttons. They were trapped for 15 minutes and were pulled out with a lot of difficulty. Two more such incidents also occurred recently, and those trapped had to be rescued by guards.”

Residents also said a woman was recently harassed in the society. “But when the CCTV cameras were scanned for a footage, it was found that they were not working. Is this what we deserve,” asked a resident on condition of anonymity.

Meanwhile, Sanjeev Verma, manager (technical), Ajnara Group, said: “The lifts are an external agency, and maintaining them is their responsibility. We have stationed technical and security teams at the society to take care of any lapses, and there is no such problem. Lifts break down sometimes, but they are repaired immediately.”

A spokesperson for the builder said, “We have outsourced the maintenance of the society to a third-party agency, and we don’t directly interfere with their work. But now we will push them to pull up their socks.” A meeting between representatives of the builder and residents is scheduled for Thursday

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Gurugram: Seven years gone, over 500 Aura buyers still awaits possession

Gurugram: Seven years gone, over 500 Aura buyers still awaits possession

Over a hundred investors with flats in Universal Group’s Aura Project were up in arms against the developers on Friday, protesting the prolonged delay in completion and possession of their homes. The agitated home buyers trooped to the office of Universal Buildwell Private Limited in Sohna in the morning and staged a demonstration.

Developed by Universal Buildwell Private Limited in collaboration with another agency, the Sector 82-based project was launched in 2010 and was supposed to be completed in 2015. The developer managed to sell off most of the 596 residential units each costing Rs 60-70 lakh.

However, even after missing several deadlines, the developer could not complete the work till date, the buyers complained. Construction work has been on hold for the past couple of years, they alleged. “The work was stalled back in June 2015 for reasons best known to the developers. And despite our several requests, they have so far not informed us so as to why the construction has been on hold,” said Anil Pathak, one of the home buyers.

Sources said the construction licence was issued in the name of Shiv Ganesh Builcon which was valid up to May 2015. “Homebuyers had filed an RTI that revealed that the licence had not been renewed because the developers did not deposit Rs 36 crore aas external development charges to the government. But why should we suffer when we have already made the payments from our end?” asked Itender Pal Singh, one of the home buyers.

“The homebuyers have already paid over 70% of the cost of the flats. We are paying EMIs as well as rents. And on top of that, we have been running from pillar to post for the possession of our homes,” said Seema Kaushik, another homebuyer.

Some of the aggrieved buyers have already approached the consumer forum well as court, seeking refund of their money with interest. The Universal management did not respond to repeated messages and calls seeking their comment on the claims made by the home buyers.

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Navrangpura Police arrests Builder for Cheating - Sambhav Insfrastructure

Navrangpura Police arrests Builder for Cheating - Sambhav Infrastructure

Navrangpura police late on Wednesday evening arrested Mihir Desai, a builder and director of Sambhav Infrastructure Pvt Ltd, in a case of cheating lodged by a finance company on January 2, 2017.

According to police sources, the manager of India Infoline Housing Finance Ltd, Vinod Yadav, had lodged an FIR with Navrangpura police station alleging that Desai and his wife Toral had applied for a loan of Rs 2.85 crore against two offices located at Pinacle Complex in Vejalpur.

"According to the FIR, on approval and disbursement of the Rs 2.85 crore loan, Desai regularly paid the monthly installment of Rs 4.38 lakh for eight months and then suddenly stopped paying," said an investigator.

According to police sources, the FIR states that on verifying papers at the sub registrar office, the financiers learned that both the offices were mortgaged to another company and a provisional agreement of sale was made with one Kanji Patel for the offices. Navrangpura police inspector R V Desai said they arrested Mihir Desai for the offence late on Wednesday evening.

Read  another news related to the Sambhav Infrastructure Pvt Ltd:

• Builder held for selling flat, then mortgaging it to Bank

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CBI chargesheets IRB chief, 17 others for cheating bidv - IRB Infrastructure

The Central Bureau of Investigation (CBI) on Wednesday filed a chargesheet against Virendra Mhaiskar, chairman and managing director of IRB Infrastructure Developers Limited, and 17 others for criminal conspiracy and attempting to cheat the state by grabbing massive tracts of government land at village Pimpaloli along the Pune-Mumbai expressway for a proposed integrated township project.

The case was initiated in 2009 by RTI activist Satish Shetty, who was murdered in January 2010. The then sub-registrars of Lonavla and Maval talukas in Pune district and a lawyer are among the accused named in the chargesheet, which was filed in the court of special judge (CBI) A K Patil here. Mhaiskar and 11 others later appeared before the court, which granted them bail. The court also allowed Mhaiskar to travel abroad on conditions.

IRB Infrastructure Developers Limited is the holding company of the IRB Group. Its subsidiary, Ideal Road Builders Private Limited, was given the contract to maintain the expressway from August 2004 to 2019. Aryan Infrastructure Investments Private Limited is the other IRB subsidiary and real estate development arm which was involved in the purchase of land between 2007 and 2010. The sale deeds for some of these lands were later scrapped through a cancellation deed.

For the township project, the IRB Group had purchased 559 acres land at Pimpaloli from January 17, 2007 to June 23, 2010 and another 794.76 acres in village Taje from January 17, 2007 to April 18, 2011, the chargesheet stated. Most of these lands had already been acquired in the name of the Maharashtra State Road Development Corporation (MSRDC), which built the expressway, between 1995 and 2000, it added.

IRB Infrastructure Developers Limited, in a disclosure to the Bombay Stock Exchange and National Stock Exchange on Wednesday, which was signed by Mhaiskar, stated, “The company and its officials have been fully cooperating with the authorities during the course of the investigation and have provided all information and documents upon request.”

The disclosure further read, “We deny all allegations made against Mhasikar, Gadgil and the company in this matter and will seek appropriate remedies under the law.” Lawyer Rohit Takavane, who appeared for two of the accused who were arrested earlier in the case by the Lonavla city police and later released on bail by the Vadgaon Maval court, said, “The CBI court allowed our plea to continue the bail granted to the two accused on the same terms as laid down by the magistrate.”

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