The Eranakulam Principal Sessions Court on Thursday has rejected the bail Apple Realtors who have foxed hundreds of people, including several NRIs, of money worth more than 1 billion Indian Rupees. The managing director and the director of the Cochin based Apple A Day Properties Ltd are the major culprits behind this real estate scandal. As per the police they have received around 250 complaints against the company so far and most of them have come from people who had paid the firm Rs 500,000 to Rs.3.5 million as advance towards purchasing apartments and villas in 11 different projects, which the company failed to deliver even after the expiry date of the deadline.
The judge have accused the company of collecting money from the people with the sole aim of cheating them and also pointed out that the real estate company have not even delivered a single unit in the last 5 years. As per the police, the promoters of the company had withdrawn the money from their accounts four months ago and lavished the money on luxuries. This was evident as they found around 30 luxury cars in the name of the promoters.
The companies properties in various parts of the city and outside would soon be attached by the police. The promoters of the company are believed to be outside Kerala, and the police have started hunting for them hoping to arrest them soon. This is also considered to be one of the biggest real estate frauds in Kerala recently.
The judge have accused the company of collecting money from the people with the sole aim of cheating them and also pointed out that the real estate company have not even delivered a single unit in the last 5 years. As per the police, the promoters of the company had withdrawn the money from their accounts four months ago and lavished the money on luxuries. This was evident as they found around 30 luxury cars in the name of the promoters.
The companies properties in various parts of the city and outside would soon be attached by the police. The promoters of the company are believed to be outside Kerala, and the police have started hunting for them hoping to arrest them soon. This is also considered to be one of the biggest real estate frauds in Kerala recently.
No comments:
Post a Comment