The owner of Shalimar Estates Private Limited who had allegedly duped as many as 110 people of over Rs 70 crore had purchased properties worth several crores in peripheral areas of Panchkula and also used the allottees’ money for construction of another mall in Mohali, revealed the police investigation. Absconding for over a year, R K Aggarwal was arrested by a Special Investigation Team (SIT) of Panchkula police on November 1 on the basis of a secret tip-off when he was going to Naraingarh with his wife Kamlesh. After an initial police remand of five days, the police had sought extension of remand by three days, which was dismissed by the court and he was sent to judicial custody.
Aggarwal is accused of allegedly committing a fraud of over Rs 70 crore by duping 110 people who had booked showroom space in the Shalimar Mall, Sector 5, Panchkula. The allottees were neither given possession of the showrooms nor was their money refunded.
“He had allotted shops without having a proper conveyance deed signed with HUDA. He could not sell the property without NOC. The bank records were checked and there are no pending loans against him, rather he had used the money from allotees for development of the mall and for construction of another mall in Phase 8, Mohali,” said ASI Sukhwinder, investigating officer.
The investigation also revealed that he had purchased 65 acre land at Barwala and 35 acre land at Naraingarh for setting up real estate projects.
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Another project at Sarangpur is also under dispute after he allowed booking of flats, but did not execute the registry.
However, the allottees allege that the police have not collected sufficient evidence against him. “The police have not made any significant recoveries (documents, records) in the case and the case will not stand in the court. The police neither contacted his CA nor his alleged second wife who had all the documents,” said complainant Ajay Garg, who also submitted a complaint in the CM window demanding a thorough investigation.
However, the police maintain that allotment letters given to the allotees and absence of conveyance deed are conclusive evidence against Aggarwal. “The investigation has just begun and we are trying to get all the information. The accused’s son who made a number of deals and seven others are still absconding and we have to arrest them first,” said the police.
The Shalimar Mall was shut down last year, after the owners allegedly failed to pay power bills of over Rs 15 lakh after the final notice.
It is also a defaulter in property tax, with pending tax of Rs 6.68 crore which it has not paid to the Municipal Corporation.