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Head of construction firm held on Rs 11 cr cheating charge

Press Trust of India  |  Chennai 

The chief of a well-known construction firm here was arrested today for allegedly cheating its customers to the tune of Rs 11 crore, police said.

Director of Marg Property Ramakrishna Reddy was arrested for not building flats after taking money to the tune of Rs 11 crore from clients for three apartment projects.

The cheating came to fore following investigations into a complaint by one Abul Mansoor, a police release said here.

The complainant alleged he paid Rs 25 lakh to book an apartment in the "Marg New Property Township Pvt Ltd" in 2011. However, he was informed by the firm that the land came under a special economic zone and therefore it could only be leased to him for 99 years.

But, the firm did not construct the apartment, following which Mansoor approached the police.

Investigation revealed that the company has also cheated clients by taking money from them towards taking up two other apartment projects, but did not construct them, the release said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 08 2017. 22:32 IST