FIR against Parasvnath for cheating investors

NEW DELHI: Real estate firm Parasvnath Developers Limited (PDL) has come under the scanner of Delhi Police’s Economic Offence Wing (EOW) with the registration of an FIR against the company for allegedly duping the investors of Rs 1,000 crore.

Police in its FIR registered in April this year also named the chairman of Parasvnath Developers, Pradeep Kumar Jain and and MD, Sanjeev Jain, accusing them of cheating, extortion and criminal conspiracy and falsification of documents. The case was registered on the complaint of La Tropicana Welfare Association which accused Parasvnath of luring them to invest into their projects and later not delivering the promises.

PDL in a press statement had reported a profit of Rs 146 crore for the year ended 2014.