No bail to realty firm MD in cheating case
The MD of a realty firm, who was accused of cheating about 1,400 investors to the tune of Rs 54 crore in the name of providing plots and flats in the NCR, has been denied bail by a Delhi court.
By PTI |
NEW DELHI: The managing director of a realty firm, who was accused of cheating about 1,400 investors to the tune of Rs 54 crore in the name of providing plots and flats in the NCR, has been denied bail by a Delhi court which termed the alleged offence as "serious".
"The accused has acted in very calculated manner knowing fully well that the company was not having necessary license for the project, the public at large was still allured by the company for investments in the projects launched by it," Additional Chief Metropolitan Magistrate A K Kuhar said.
Yatinder Singh Rana, MD of M/s PSG Developers and Engineers Pvt Ltd, was arrested on October 14, 2007 by the Economic Offence Wing of the Delhi Police following three cases registered against him in 2007.
According to the complaints, Rana's company gave misleading advertisements in the leading newspapers for selling flats and plots in its various projects including at Manesar, Faridabad and Greater Noida.
"Not only the accused has duped the people of their hard-earned money, he has also breached the trust which was reposed by the investors," the court said, rejecting his bail plea.
Counsel for Rana, however, submitted that the accused wanted to settle the matter and he had already settled claims worth about Rs five crore of various investors.
"The accused has acted in very calculated manner knowing fully well that the company was not having necessary license for the project, the public at large was still allured by the company for investments in the projects launched by it," Additional Chief Metropolitan Magistrate A K Kuhar said.
Yatinder Singh Rana, MD of M/s PSG Developers and Engineers Pvt Ltd, was arrested on October 14, 2007 by the Economic Offence Wing of the Delhi Police following three cases registered against him in 2007.
According to the complaints, Rana's company gave misleading advertisements in the leading newspapers for selling flats and plots in its various projects including at Manesar, Faridabad and Greater Noida.
"Not only the accused has duped the people of their hard-earned money, he has also breached the trust which was reposed by the investors," the court said, rejecting his bail plea.
Counsel for Rana, however, submitted that the accused wanted to settle the matter and he had already settled claims worth about Rs five crore of various investors.
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