A recent newspaper report claims 25,000 investors were duped of their hard earned money by developers in Alwar. The developers took the money and then also sold the land to some other developers. The victims did not get the money back or get their purchased assets. Apparently, the site is not under the purview of the Department of Urban Development since a map has not been sanctioned and no construction has taken place on the site in the past five year.
If I had to speculate a bit on what happened, my guess would be the developers did not get the proper approvals to start construction at the site – which has led to the issues and duping of investors.
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