EOW files FIR against Parsvnath, its chairman, 5 others

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 HDFC, PNB 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.