Upset over the alleged fraud by the Hi-Tech Group, a large number of investors on Saturday gheraoed Tirupati Choudhury, executive director of the company, demanding either flats or their money.
The company has taken around Rs37 crore from 311 prospective flat buyers.
Shouting slogans against the company at its corporate office at Saheed Nagar, the irate investors forced Choudhury to sit on the floor and encircled him demanding either flats or money.
Pleading innocence, Choudhury said no mistake or fraud was committed on their part and efforts were on to provide the flats to the bookers.
“After December 2012, construction activity has declined considerably. But I have carried out construction for two to three months. We have not collected any money from investors after December 2012,” said Choudhury.
However, investors alleged that the group violated the agreements with them.
“They had agreed to provide the A1, A2 category houses by June 30, 2016; B1 and B2 by September 30, 2016; A3, A4, B3 and B4 by March 2017 and rest of the flats by June 2017. But only 20 to 30 per cent construction work has been done,” said an investor.
On May 22, around 311 flat buyers of Hi-Tech Paradise Residential Project located near Uttara on the city outskirts alleged that in 2013, they had booked flats at Hi-Tech Paradise initiated by Hi-Tech Edifice Pvt ltd with an agreement for possession of flats in 2014.
Though 38 months have elapsed, the builder is yet to provide flats to them even after collecting more than Rs37 crore from them which is more than 58 per cent of the entire project cost.