Builder arrested for Rs 5 cr fraud
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The Ernakulam central police on Thursday arrested a man for swindling Rs 5 crore from several people after offering them apartments on GCDA’s land in Gandhi Nagar near Elamkulam.
The arrested was identified as Varghese George, 53, of Elamkulam. According to the police, George, the director of Blue Dot Constructions, operated the shady business after making a deal with the GCDA to build an apartment complex on its land, offering 30 per cent of the apartments to GCDA.
“He made use of this deal to collect money from people and thus completed the construction of the 13-storey complex titled ‘Surya Enclave’.
He also handed over 30 per cent of the apartments to GCDA. He had availed of loans from a few finance companies.
This includes a loan of Rs 35 lakh from BNP Paribas Home Finance Ltd on Shanmugham Road”, said Ananthalal, sub inspector of central police.
However, George refused to hand over the apartments to the buyers and also failed to pay back the loan amount, the police said.
He also went to the extent of selling a few apartments to three different people. BNP Paribas then filed a petition before the Ernakulam chief judicial magistrate.
Varghese George was arrested after the court forwarded the petition to the police.
It is learnt that the builder had been absconding for a few months. He had also attempted to leave the country. He was produced before the CJM court and remanded in judicial custody.
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