Ninex Developers under fire for alleged deception and misappropriation

Ninex Developers, a prominent real estate firm, and its executives have come under scrutiny following allegations of fraudulent practices, cheating homebuyers out of substantial sums and surreptitiously selling their assigned flats to an unidentified private entity, according to local law enforcement.

Rajendra Anand, a resident of Sector 43, lodged a complaint against the developer, claiming that in 2016 he invested over Rs 1 crore to secure a flat. In an unexpected turn of events, this property, along with 21 others, was reported to have been clandestinely mortgaged to a different private firm. When Anand tried to initiate a legal case against the developer in 2019, he was offered a proposed settlement to defuse the situation.

However, Anand has argued that the developers have failed to fulfill the agreed-upon settlement, with checks issued to him and his spouse being declined by their bank. In response to the lack of progress, Anand sought legal redress from the Punjab and Haryana high court in the previous year.

Following the court's instructions, police have now registered a First Information Report (FIR) in accordance with Section 156 (3) of the CrPc. The case was filed at the Sector 50 police station, with the developer's executives being indicted under IPC sections 406 (criminal breach of trust), 420 (cheating and dishonesty), and 120 B (criminal conspiracy).

In conclusion, the case underscores the increasing need for greater transparency and accountability in the real estate sector. As investigations continue, it stands as a stark reminder of the potential pitfalls buyers may encounter and emphasizes the necessity for enhanced consumer protection in this lucrative industry.

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Ninex Developers under fire for alleged deception and misappropriation

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