Analysis News Analysis

Realtor Goes Missing After Collecting Deposits in Trichy

Hundreds of their clients had been allotted plots in various areas in the district for many years.

Tension prevailed in front of a real estate firm in the city on Sunday as a large number of depositors besieged it saying it had been remaining closed for months after collecting lakhs of rupees in deposits from them.

According to the depositors, the real estate company, originally named as ‘GMG Real Estate’, has been functioning at Thillai Nagar and distributing housing plots to their clients after collecting money on a monthly basis. Hundreds of their clients had been allotted plots in various areas in the district for many years. Later, they stopped dealing with real estate and started inviting deposits from their existing clients promising them high interest, they said.

“Earlier I had remitted money for housing plots and was allotted two 1,200 sq ft plots — one in Pullambadi and another one at Kavalkaranpatti. While in real estate, they carried out their business without any lapses. A number of clients got housing plots in return for their monthly instalments. However, in the last few years, they stopped real estate business and started mobilising deposits by promising to give higher interest”, said N Senthilkumar of Tennur, one of the depositors.

If anyone deposits Rs 10,000, he or she would get Rs 400 as monthly interest. As per the agreement, every month the depositor can go to the office and collect Rs 400 as interest, he said.

“I had been remitting Rs 16,000 per month as deposit for more than three years collected form our neighbours. However, for the last eight months, the doors of the office had been closed. I know the proprietor G Murugesan very well, hailing from Varaganery. However, I could neither meet him in person nor contact him through mobile”, he stated.

According to Senthilkumar , hundreds of clients from Trichy, Karur, Perambalur and Thanjavur had deposited crores of rupees, but no one could get back their deposits.

On being informed about the siege, Thillai Nagar police held talks with the agitators and asked them to lodge a complaint with Economics Offences Wing to initiate the case. A complaint was lodged accordingly in the city as well as Chennai and investigation are on.

Read the entire news article here.

Post Comment