Orbit Corp MD’s Pujit Aggarwal police custody extended until October 6

MUMBAI: A Mumbai magistrate court has extended police custody of realty developer Orbit Corporation’s MD & CEO Pujit Aggarwal until October 6.

On Saturday, Mumbai police’s Economic Offences Wing (EOW) sought extension of his custody to complete investigation of a matter related to an alleged fraud involving Rs 52 crore.

EOW had arrested Aggarwal for investigation related to an FIR (first information report) filed in April 2016 by Capri Global Advisory Services.

On Saturday, while seeking Aggarwal’s remand, EOW stated that Aggarwal’s intention of cheating was clear from the Memorandum of Understandings (MOUs) signed between him and Capri Global Advisory Services. EOW is now verifying if any other director of the subsidiary companies is also involved in this matter.

Earlier this week, EOW had stated that it has found 35 bank accounts of realty developer Orbit Corporation and is currently investigating the funds flow in these accounts.

According to the FIR, Capri Global Advisory Services had invested over Rs 52 crore in Orbit's two projects -- Orbit Terraces and Orbit Haven. After these projects failed to take off, Aggarwals requested Capri to convert the transactions into debt and mortgaged a property claiming to be theirs that later turned out to be occupied by someone else, and a commercial premise that turned out to be a parking space.

This FIR also alleged that without requisite permissions, Orbit claimed to have development rights and required FSI (floor space index) to carry out their projects, Orbit Terraces and Orbit Haven.

Aggarwal was arrested by the Mumbai Police in September under charges of cheating and violation of Maharashtra Ownership Flat Act, 1963. Another investigation by the Mumbai Police, relating to an FIR filed in Azad Maidan police station, is also trying to find the trail of the rest of the money raised through the lender as well as home-buyers.