Both the supreme court and high court favoured investors.
The police are waiting the copies of judgments by the Supreme Court and high court in two cases relating to real estate scams.
The apex and lower courts have passed judgments favouring the investors, who lost money in the scams.
Two real estate firms, Granity Properties Private Limited and Orange Properties, allegedly cheated investors to the tune of crores of rupees. The central crime branch of the city police was entrusted with the investigation into the scams, following complaints by investors.
Granity had approached the high court seeking an order staying the CCB proceedings against it. The realtor’s appeal was turned down by the court.
Orange, meanwhile, moved the Supreme Court challenging the lower court’s order favouring the probe. The apex court rejected the appeal last week.
“In the Orange property case, we were not made a party. But we are a party in the Granity case. We are waiting for both the orders to reach us,” joint commissioner of police (crime) Alok Kumar said.
With both the courts ruling against the realtors, investors could now hope for a refund of their monies.
Sources in CCB said that they will proceed in the cases in accordance with the high court directive. “We are waiting for the court’s orders in both the cases. We feel that since both the courts were in favour of the investors, they will get their money back,” an officer said.
With both the courts ruling against the realtors, investors could now hope for a refund of their monies.
In an affidavit filed jointly before the high court in August last year, Orange and Granity had expressed willingness to refund their investors in four installments starting September 1. The investors appealed to the court after the realtors had failed to repay them.
Vijay Tataa Ravipati, proprietor of Orange, and Ashfak Ahmed, managing director of Granity, had filed the affidavit before a bench headed by justice Adi Subhash Bashetti.
Accepting the affidavit, the court quashed a first information report filed against Orange and ordered the police to allow the firm to reopen its offices.
Orange had collected money from investors in return for properties near the international airport at Devanahalli.
The court had then directed Orange to refund customers through demand drafts distributed by an investigating officer.
The realtor had collected about Rs11 crore from investors under its Orange Properties Premium Scheme, but failed to allot properties or refund them. Close to 300 police complaints were filed against the realtor in this regard.
Orange was facing 70 cases, most of them filed by the Ashoknagar police. The case was later investigated by the CCB.
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