This year, the owner of Shalimar estate Pvt Ltd, RK Aggarwal, and his business partner Kewal Garg were convicting of a fraud of over Rs 10.20 crores in Property in Chandigarh. Aggrawal is also been the proprietor of Shalimar Mega Mall, a multiplex-cum-shopping mall. Even his wife Kamlesh Aggrawal and Jitendra Singh, the manager of the national bank (local branch) were also held at Sector 3 police station.
There was a crowd of at least dozen Chandigarh Properties Investors from the Tri-city for registering their complaints in the establishment of economic offenses wing. They all alleged that the possession of their shops in Shalimar Shopping Mall was not given to them even though Aggarwal issued the allotment letters on their names. The investors paid somewhere between Rs 35 lakh to Rs 56 lakh for each shop to the accused.
There was a crowd of at least dozen Chandigarh Properties Investors from the Tri-city for registering their complaints in the establishment of economic offenses wing. They all alleged that the possession of their shops in Shalimar Shopping Mall was not given to them even though Aggarwal issued the allotment letters on their names. The investors paid somewhere between Rs 35 lakh to Rs 56 lakh for each shop to the accused.
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One of the complainants Kewal Garg reports that he spent Rs 10.20 crore in Aggarwal's Shalimar Commercial Project. The latter promised him to return his money with interest once the store sells off that he failed to oblige. According to police sources, Garg invested the sum in 2004 but till 2013, he did not receive his principal amount and profit.
Real Estate Frauds Second in List
The President of Consumer Courts Bar Association, Pankaj Chandgothia, believed that normally complaints regarding the failure of insurance companies top the list. He further cites that this year the complaints of real estate have replaced those against banks. In the years 2006 and 2007, numerous real estate firms were handed over their licenses. It led to the construction of New Property in Chandigarh For Sale and around the periphery of Tri-city with promise of handing possession to customers by 2010-2011. Because the agencies failed to deliver as per the promise, buyers started filing their grievances.
Real Estate Frauds Second in List
The President of Consumer Courts Bar Association, Pankaj Chandgothia, believed that normally complaints regarding the failure of insurance companies top the list. He further cites that this year the complaints of real estate have replaced those against banks. In the years 2006 and 2007, numerous real estate firms were handed over their licenses. It led to the construction of New Property in Chandigarh For Sale and around the periphery of Tri-city with promise of handing possession to customers by 2010-2011. Because the agencies failed to deliver as per the promise, buyers started filing their grievances.