SPIDEY BUZZ

Assotech developer booked for defrauding AOA with Rs 5 cr IFMS fund

Photo: City Spidey
Posted: Mar 16, 2019
By City Spidey

After much struggle, the Apartment Owners' Association (AOA) of Assotech The Nest, a residential condominium in Crossing Republik, has finally got success in booking its developer, Assotech Limited, over defrauding them with 5 crore of Interest Free Maintenance Security (IFMS) fund which the AOA was due to receive from the builder. 

Ghaziabad police booked the builder under various sections of Indian Penal Code (IPC) - 420 (cheating and dishonesty inducing delivery of property), 467 (forgery of a valuable security, will etc.), 468 (forgery for purpose of cheating), 471 (forging a genuine document), 406 (breach of trust) and 120-B (criminal conspiracy).

The AOA ran pillar to post to register a case against the builder which eventually, got registered after the district court of Ghaziabad gave the order to the police.

"We gave applications from police station of our area to the office of SSP but all in vain," said Kumar Nishant, secretary of the AOA.

The issue started when the AOA took the handover of the society maintenance in April 2018.

"While taking handover of the society maintenance, the builder had agreed to provide one back up generator, increase in power load and IFMS fund. He gave a check of Rs 10 lakh against his assurance which got bounced when we submitted in the bank. Since then, we followed up to him multiple times but when it appeared that the developer is cheating us with his commitments, we took the course of law," Nishant added.

Meanwhile, City Spidey tried to reach the Sanjeev Srivastava, managing director of Assotech Limited, but he did not receive our repeated phone calls.

TAGS: Indirapuram news / local news / Ghaziabad news / local news / fraud case / developer / booked / IFMS fund / Rs 5 crore / Assotech Limited / AOA / police / IPC sections / crime

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