₹1.5k Cr Realty Con: Hc Seeks Report By Feb 10 | Hyderabad News
Narayana is facing allegations of duping 3,000 customers to the tune of 1,500 crore with promises of constructing flats that were not built. Facing multiple FIRs, he is currently serving time in jail after his arrest by Hyderabad police.
A bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji was hearing an appeal filed by Narayana’s wife and son who were questioning the order of a single judge who last month ordered a probe into the alleged fraud committed by the realty firm in the name of pre-launch offers and directed the CCS police to complete it within three months.
Stating that single judge passed the order without hearing them and without issuing them a notice, wife and son of Narayana filed this appeal.
Claiming that in Ameenpur venture alone, police registered as many as 46 FIRs and scores of other ventures were also getting entangled in litigation, appelants’ counsel P Roy Reddy urged the court to stop the registration of fresh FIRs and hear their version first. “Covid-19 has adversely affected us and we are ready to complete our projects,” the counsel said.
Sunkara Naresh, counsel for one of the buyers, said that there was no need to interfere in the single judge order because he intervened and ordered a probe when the officials were hand in glove with the realtor and were not registering criminal cases though complaints were filed by the customers.
Sahithi Infra allegedly duped 3,000 customers in various ventures in Hyderabad and its surrounding areas and collected 1,500 crore from them. “A money laundering probe is also currently on and Enforcement Directorate may soon come out with the laundered money and assets acquired with crime money,” Naresh said.
The bench said the Real Estate Regulatory Authority (RERA), which is supposed to regulate realtors, has not yet been formed in the state and refused to give any interim relief to the realtor’s family. The case will come up for hearing on February 10.
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