The Gujarat Real Estate Regulatory Authority (GUJRERA) has finally taken action against the promoters of the Privilon Group, who are accused of duping and threatening people by fraudulently launching residential and commercial projects and swindling crores of rupees from investors.
The Bopal police have already filed two FIRs against Jaydeep Kotak and Hiren Karia, the promoters of the group.
GUJRERA has received 183 applications from individuals who paid money to the promoters for flats or offices in their proposed 14-storey and 22-storey residential and commercial buildings in Ghuma. The police have arrested Kotak, who is in 14-day police custody for interrogation, while Karia remains at large. Unconfirmed reports suggest that as many as 240 investors may have paid them around Rs 40 crore.
Notice issued
Sources in the RERA office confirm that the promoters have been issued a notice under Section 3 of the RERA Act for accepting bookings and advertising without obtaining the necessary registration.
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