Realty, finance firms swindled Rs 3,273 cr, duped 17.93 lakh people in 10 years!

News Network
July 30, 2017

Bengaluru, Jul 30: The fraudulent real-estate and finance firms have duped Rs 17.93 lakh people, swindling them of Rs 3,273 crore between 2006 and 2016 in Karnataka, according to the Criminal Investigation Department.

CID has found that several thousands of people duped in real estate and investment scams in different parts of the state have not approached the police.

Director General of Police H C Kishore Chandra said the economic offences wing of the Crime Investigation Department had confiscated properties worth Rs 594 crore in connection with the scams.

The sleuths are recovering more properties, but of the 100 accused arrested in 422 cases, most are out on bail. A team of 40 CID officials is working exclusively on the cases, Kishore Chandra said.

The money can be returned to victims after the government auctions the confiscated properties, he said.

Of about 6,500 investors cheated by real-estate firm Dreamz Infra, only 2,382 have approached the CID and submitted documents.

Similarly, of the 5,315 investors swindled by TGS Constructions, only 2,750 have turned up with documents. In housing project Gruha Kalyan, only 814 of 2,220 investors have approached the CID.

Such companies are launched with pomp and fanfare with the participation of film stars and celebrities. “They advertise widely, promising good returns on investments, and flats and villas with extravagant features. For a few months, they keep their word,” Kishore Chandra said. But once the investments become a flood, they grab the money and run, he said.  

The owners and their benamis then get busy investing in sites, houses and stocks for themselves. They also produce films and splurge on gold, silver and swanky cars, he said.

The Criminal Investigaton Department is advising investors and buyers to verify the credentials of firms with the Reserve Bank of India, the Security Exchange Bureau of India, Registrar of Companies, and the Registrar of Cooperative Societies.

People are increasingly losing their hard-earned money because they don’t check the credentials of companies they hand their money to, he said.

Under the Protection of Interest of Depositors in Financial Establishments Act of 2004, the CID can confiscate movable and immovable properties of those accused in investment scams.

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News Network
July 1,2020

Bengaluru, Jul 1: Faced with increasing number of COVID-19 cases in the State Capital, Chief Justice of Karnataka High Court Justice A S Okha has decided the Court to function online.

Registrar General Rajendra Badamikar, in the notice issued here on Wednesday, based on order of the Chief Justice, stated that the emergency cases will be conducted through video conference until the next order.

The order also specifies that only the principal seat (Bengaluru) will be conducting proceedings online. High Court benches at Dharwad and Kalaburagi will continue to function as usual.

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News Network
January 10,2020

Mangaluru, Jan 10: Two members of a notorious honey-trap gang that used to lure rich men using women and then extort money from them by staging fake police raid have been arrested by the Dakshina Kannada district police.

Lohith, a resident of Kushalnagara, and Sharif from Vittal, were arrested in connection with a honey-trap case registered in Uppinangady police station. Jamal, Jeevan and Naushad, who were also involved in the case, are absconding.

Police said they received information that a few people under the guise of being Kerala police, were planning to raid a resort near Uppinangady where two couples were staying.

They were informed that they would threaten and try to extort money from them. The police were tipped off about the same by their counterparts in Kerala.

Police said the accused are experts in setting honeytraps, and were involved in similar crimes since a long time. Their modus operandi was to use two women from Mangaluru to lure their intended targets.

Once they trap their target, the woman and victim are sent to resorts. They then raid the resort posing as police officials, and click pictures in compromising positions of the victim with the woman.

They threaten to release the pictures on social media or TV channels, if they fail to pay up.

Police said the accused demanded Rs 10 lakh from each victim, but they denied to pay up. Irked by this, the accused took away the victims’ belongings such as phone, money and car.

The victims who believed that the accused were police personnel, asked them to take them to the police station. Instead of taking them to the police, the accused took them to a secluded place, where they claimed that they were putting the victims under house arrest. Police have seized an SUV from the accused.

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News Network
February 5,2020

Chennai, Feb 5: In order to ensure housing for all, the Madras High Court has proposed ban on non-resident Indians from purchasing houses in India, prohibit speculative sale, and impose 100 per cent extra stamp duty on purchase of second house.

The court on its own impleaded the Union housing and finance ministries as party respondents.

It has directed them to answer a series of questions including as to how many families have basic amenity of housing in India as well as in Tamil Nadu, population and housing ratio in the country and in the state, when 'Housing for All' mission of the central government would be achieved.

"Why the government does not consider imposing such restrictions to control escalation of house prices and to provide a house to every family in the country, a division bench of Justice N Kirubakaran and Justice Abdul Quddhose wondered.

Directing the authorities to inform as to whether the central and state have got special schemes to provide housing for the marginalized and economically weaker sections including SC/ST communities, the bench has also sought the details of the number of families that possess more than one house.

"Why the governments do not restrict families/individuals from purchasing/possessing more than one housing unit/flat/plot till "Housing for all" is achieved?

Why not the government charge 100 per cent more or extra stamp duty to discourage buying more than one house by a family while purchasing second house?

Why not the government conditionally allow the families to purchase more than one house provided the said family pays 100 per cent extra statutory dues like property tax, electricity charges, water and sewerage charges on the second property?" the bench said.

This apart, the court also wanted the authorities to know as to why it should not prohibit the NRIs from purchasing houses in India to bring down the cost of housing.

Justifying its directions, the court said "Lakhs and lakhs of people are living on platforms, roads, and cement pipes, slums, under the trees and on banks of water bodies without proper shelter and basic amenities and safety."

It is true that the Centre had taken a policy decision to provide housing unit to every family.

It should be achieved at the earliest, the court said, adding it could become fruitful when restrictions are put on persons who hold more than one housing units.

The court passed the order while hearing an appeal moved by the Tamil Nadu Housing Board challenging a single judge order against acquisition of about 369 acres of private land in Thudiyalur and Vellakinar areas of Coimbatore for a housing scheme.

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Suresh SS
 - 
Wednesday, 5 Feb 2020

We believed that only Indian Govt. ministers, MP and MLAs has this disease, now it is spreading everywhere even Indian High courts. it is certainly very harmful virus  

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