18 Real Estate Firms to Face Probe for Alleged Forgeries

Nearly 18 real estate firms will face probe by the central government. These real estate firms are alleged of forgeries.

Some of the real estate firms are alleged of forgeries. Besides the charges of forgeries, some of them are alleged to conduct dubious schemes of investment.

Receiving numerous complaints from various sources, the central government has decided to probe into the charges against the real estate firms.

The government will scan all the alleged realty firms and their schemes. Their investment schemes and policies also will be under scrutiny.

Last Friday, while disclosing the details of the alleged firms, Namo Narain Meena, the minister of state for finance, said that the government will investigate the charges. He was giving the answer to a question raised in the Lok Sabha.

Soon after the government said that it will investigate the matter, ten of them were given clean chit by SEBI.

These firms have not been running any sort of collective investment schemes, said the statement of The Securities and Exchange Board of India.

Remaining real estate firms are now under the scrutiny of the market regulator. While examining these firms, SEBI has found two more firms running dubious investment schemes.

SEBI stated that it will initiate action against Ecogreen Real Estate India Ltd and Ken Infratech Ltd, the two firms found guilty of conducting dubious schemes.

Delhi-based Ken Infratech Ltd denied the charge. The group MD Sukhchain Singh stated that the group is not running any collective investment schemes. All the more we have not received any related government notice, Mr. Singh added.

Taneja Developers and Infrastructure Ltd (Panipat) is another accused. AC Michael of the group also said that his group has not received any letter from the government.

Right now nearly seven real estate firms are under the scrutiny of the market regulator. If any of them is found guilty, actions will be taken against that firm, affirms SEBI.

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