<![CDATA[Over 120 complaints have been received by the police so far against the company. The Central Crime Branch(CCB) arrested Marg Group Chairman and Managing Director Gorripati Ramakrishna Reddy in connection with two more cheating cases. Marg is a multi-crore company which has developed residential townships, airports, power utilities, ports and other infrastructure projects across the country. Ramakrishna Reddy launched a new company named New Chennai Township Private Limited in 2006 and the registered office of the company is at Seekanakuppam Village, Cheyyur, Kancheepuram. The total paid-up capital was Rs.120 crore. The company also has secured loans amounting to Rs.1,344.32 crore, as per the balance sheet prepared for the period ending on March 31, 2016. Swarnabhoomi is the flagship project of the company. The company was planning to construct 250 flats near Seekanakuppam in nearly 630 acres, which came under the Special Economic Zone. As per the regulations, the flats or houses developed in the land should be allotted to the employees who are working in the SEZ. They should not be sold to outsiders. Against this backdrop on Wednesday, Abdul Mansoor of Kalpakkam lodged a complaint against the company alleging that he has been cheated. Mr. Mansoor stated that he had paid Rs. 25 lakh for a flat, which was yet to be built. Even after receipt of the money, the construction company failed to execute sale deed and register the property in his name. Based on the complaint, the CCB, Entrustment and Document Fraud wing-II arrested Reddy and put him in Central Prison. Mr.S. Janakiraman, Inspector of Police, CCB, told , “We have arrested Reddy for involvement in two more cases, which were booked against him after buyers of property lodged complaints. Over 120 complaints have been received so far against the company from several persons including non-resident Indians.” The investigation by the CCB revealed that Reddy’s company, instead of executing the sale deed, preferred to execute a 99-year lease agreement in favour of buyers who are not residents of the SEZ, which is illegal. The company has cheated several persons after receiving money for construction of flats under the name of Savithanjali in Kalavakkam and Marg Brindavanam in Kancheepuram district and thus it has cheated to the tune of Rs.11 crore, as per initial investigation.]]>
