Owner of a now-closed shipping company had given a Rs 2.5 cr loan to the developer; was promised a flat in a building that didn’t have enough FSI
Developer Pujit Aggarwal is currently in custody
While it is known that developer Pujit Aggarwal of Orbit Corporation duped many top banks by defaulting on loans, gradually, individuals he cheated in the same way are coming forward too; case in point, Peddar Road resident Taro Vazirani (76).
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The senior citizen on Monday registered a case against Aggarwal for not repaying the money he had loaned him. Vazirani has also complained about the fact that after much chasing, Aggarwal gave him a flat on the 52 nd floor of a building being constructed by his firm as compensation, only to come to light later that the structure hadn’t even been granted the required FSI to go that high.
The new victim
In September 2010, Vazirani, owner of a shipping company since closed, gave Aggarwal Rs 2.5 crore at an interest rate above 15 per cent.
However, within a year, the return payments, for which post-dated cheques were issued, started getting dishonoured, read Vazirani’s complaint to the police. The case under various sections, including 420 (cheating) of the Indian Penal Code, has been registered at Gamdevi police station.
Vazirani then approached him but always got fake promises and new cheques in return, which too bounced. That’s when Aggarwal promised him the flat. “He was good at writing letters and assured my client of the flat. Also, the loan was given to Orbit Construction, and Aggarwal, without even consulting any other director or stakeholder, assured my client a flat belonging to the Corporation. And then we learnt that the building doesn’t even have FSI to go that tall,” said Vishal Manghnani, spokesperson for Vazirani.
In 2013, LIC had issued a public notice announcing default by Aggarwal’s company. (Top builder gets notice over R96-cr loan default, August 6, 2013).
“My client has suffered since 2010, while Aggarwal had been spending his hard-earned retirement fund money on Rolls-Royce cars and expensive holidays,” said Manghnani.
Hammer on Aggarwal
Already banks have come out with notices stating they are initiating procedures to auction some properties belonging to Aggarwal and his company. (Top builder fails to repay Rs 3-crore loan, flat to be auctioned, August 10, 2016).
The developer is currently in police custody. A detailed mail sent to his Public Relations’ team elicited no response.
Senior Inspector Netaji Bhopale of Gamdevi police station confirmed that an FIR was registered at his police station as the offence took place within their jurisdiction, but the case has been transferred to the DB Marg police as they are investigating the case.
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