Ahmedabad: A trader on Friday filed a complaint with the Detection of Crime Branch (DCB) police alleging that four people, including directors of a real estate company, cheated him of Rs 2.16 crore. He was allegedly promised a 51% stake in a bungalow project in Mehsana and assured repayment of the investment.The complaint registered with the Economic Offences Wing (EOW) states that the accused lured the complainant into investing in the proposed 91-bungalow project spread over 14,773 sq m. They claimed they had entered into a development agreement with the landowner. Saying they were facing a fund shortage, they offered him a 51% stake in their company if he invested about Rs 2.5 crore.The complainant said he invested only after seeing land documents, agreements and payment receipts and visiting the site where construction had begun. Between Feb and July 2023, he transferred Rs 2.16 crore to the company’s bank account through his and his company’s bank accounts. Of this amount, Rs 31.62 lakh was allegedly treated as payment for shares, while Rs 1.84 crore was given as a loan, which the accused assured would be repaid by Nov 2023. As security, they promised to execute sale deeds for seven bungalows if the repayment failed. Personal cheques were also provided as security, the complainant told police.The loan was not repaid and the cheques too bounced. The accused then entered into a settlement agreement to pay back Rs 2.25 crore, but reneged.
