Moneycontrol
Last Updated : May 08, 2015 07:51 PM IST | Source: CNBC-TV18

EOW files FIR against Parsvnath, its chairman, 5 others

The FIR alleges Parsvnath misled buyers by claiming to have all approvals in 2004. It further says HDFC, PNB and ICICI Bank denied home loans as project wasn't legal. Parsvnath also refused refunds to customers.


The Delhi Economic Offences Wing or EOW has filed an FIR against Parsvnath, chairman Pradeep Jain and 5 others. EOW’s FIR is based on complaints by buyers who have made allegations ranging from extortion, criminal breach of trust to criminal conspiracy.


The FIR alleges Parsvnath misled buyers by claiming to have all approvals in 2004. It further says HDFCPNB and ICICI Bank denied home loans as project wasn't legal. Parsvnath also refused refunds to customers.


Meanwhile, Parsvnath sources said the company will be delivering phase one of the project this year.


173 buyers of its project La Tropicana accused that there is a minimum Rs 1000 crore fraud. According to them, the 7-year delay in handing over the project is also a criminal conspiracy by the co.

According to information through RTI, the company received all requisite approvals in 2014, a decade after the launch of the project.

First Published on May 8, 2015 06:57 pm
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