A MAGISTRATE court Saturday remanded Pujit Aggarwal, Managing Director (MD) of Orbit Corporation, in the custody of the Economic Offences Wing (EOW) till October 6. The EOW had arrested Agarwal on September 22 in connection with a complaint against him by Capri Global Advisory Services alleging a fraud of `52 crore.
Confirming the news, an officer with the EOW said they have sought further custody of Agarwal to know whether the directors of any of his subsidiary companies were also involved in the alleged fraud. While seeking custody, the police also pointed out that the Memorandum of Understanding (MoU) signed by Pujit with Capri Global Advisory Private Limited clearly shows that he entered into the agreement with an intention to dupe them.
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The complainant went to the EOW earlier this year alleging that Aggarwal approached them in 2012, claiming that Orbit Corporation Ltd was developing a project, Orbit Terraces, in Parel. Pujit asked them for an investment promising that within two years, he would return the amount and also offered to sell eight units on higher floors of his project to Capri as an investment. Capri invested `52.01 crore in Orbit Terraces and two other projects of Aggarwal.
Later, it came to light that the collateral spaces that Aggarwal had put up — at Malabar Hill and Cumballa Hill — did not fulfill the conditions for collateral properties. The property at Malabar Hill was actually earmarked for parking in the building while the flat in Cumballa Hill had already been sold .
Also, after he could not fulfill the conditions, in 2015, Aggarwal issued six post-dated cheques to Capri as repayment. The cheques bounced and it was revealed that the account from where the money was to be paid had been frozen over a sales tax recovery dispute. Capri then approached the EOW with the grievance and an FIR was filed against Aggarwal and his father Ravikiran in April.
Prior to his arrest by EOW, Aggarwal had been arrested by the Azad Maidan police in September after several complaints by people who had invested in his housing project but had not yet received possession of their flats.