Home Parsvnath Developer Limited Paramount (1 Complaints)
Anonymous User 26th Feb
5-40595_2017.pdf 6-FIR.pdf

In a landmark order, the Delhi High Court restrained from leaving the country, the accused in the FIR No. 0142/16 under sections 409,418, 420 and 120B IPC registered by Economic Offences Wing of Delhi Police against Parsvnath Developers Limited , Chairman Pradeep Jain and other Directors on charges of Cheating, Extortion, Fraud and Criminal Conspiracy.

The Honrable court observed that " Prima-facie, this case appears to disclose a serious offence, which could well be a multi-victim scam. In such like cases, it is highly frustrating not only for the complainants but also for the Court to see the investigating agencies drag their feet. Inefficient investigation in such like cases also
gives rise to avoidable doubts about the competence and integrity of the investigating agency. "

The Paramount project awarded by the Delhi Metro Rail Corporation Ltd (DMRC) in year 2005, is no where near completion even as promoters have collected up to ninety percent of the cost of flats from hapless buyers. The project was to be developed as Super Luxury Air Conditioned Condominiums in five years as per the Agreement of DMRC.

The Delhi High Court while hearing a WRIT Petition filed by Paramount RWA, observed that even though FIR was registered with Economic Offences Wing of Delhi Police in September last year over cheating, fraud and misrepresentation committed by the builders in Paramount project at Subhash Nagar west Delhi, the accused had not been investigated even after the passing of six months. The court came down heavily on the Investigating Agency for dragging its feet over the investigation and asked them to pull up their socks. The court asked Delhi Police to file status report in the matter also to ensure that the accused do not leave the country

4 Comments

Click here to hide display name

Anonymous User Reply 8mth
did they informed SEBI on this ?
Anonymous User Reply 8mth
Its almost impossibe to file FIR against a real estate developer. And if we are able to manage this somehow, its very difficult to make them investigate the case. This group of Parsvanth home buyers approached HC to make sure that the police investigate the matter and till investigation is over developer is barred to flee outside India. Very hars observations by Delhi HC against the developer and police nexus
Clarity Advisors Reply 8mth
These crooks are not developers , rather they are running ponzy schemes.Misusing the money raised from homebuyers to buy parcels of land and the vicious cycle continues.Authorities need to tighten screws on these unscrupulous businesses.
Sumeet Maheshwari Reply 8mth
This is a great judgement passed and I hope this investigation will reveal this greedy and morally corrupt construction company.