Builder Pujit Aggarwal was on Saturday produced in the Esplanade court and remanded in custody of the Economic Offences Wing (EOW) till October 6. EOW officials told the court that several agreements signed by Aggarwal and the complainant firm showed a clear intent to cheat on part of Aggarwal, and that this needed to be investigated.
Aggarwal was arrested by the EOW on October 21 for allegedly cheating Capri Global Advisory Services Pvt. Ltd. to the tune of Rs. 52 crore.
The Hindu had first reported how Aggarwal had been booked in connection with an alleged con job that involved enticement to invest in his project, offering ineligible properties as collateral after converting the investment to a debt, and issuing cheques against a blocked bank account.
“The complainant firm has submitted several agreements that had been drawn up with Aggarwal since 2012, which was when Aggarwal first approached them, which indicate his intention to defraud them,” an EOW officer said.
The first set of agreements assured Capri that he would hand over possession of six units in his Lower Parel project, Orbit Terrace, knowing fully well that he did not have the FSI to construct those units in the first place. When he converted the investment to a debt, he signed another set of agreements in which he put a commercial space in Cumballa Hill and a flat in Malabar Hill as collateral against the debt.
Capri later found out that the ‘commercial space’ had actually been earmarked for parking in the building, while possession of the flat in the Malabar Hill building had already been given to another party.
The EOW is now investigating whether any directors of Aggarwal’s firm, Orbit Corporation, or any of its subsidiaries was involved in the offence. The agency is also examining statements of 35 bank accounts in the company’s name to find out where the money that was received from Capri was utilised.
Pujit Aggarwal was arrested for cheating Capri Global Advisory Services Pvt. Ltd. to the tune of Rs. 52 cr.
