HUDCO PLACE Andrews Ganj Land Scam
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491_9781648731631
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In the HUDCO Place Andrews Ganj Land Scam book, Alborz covers HUDCO concealing various facts regarding the title and unauthorized buildings constructed in the garb of the Government umbrella without proper land use. The boom in the hotel industry and the appreciation for land in India where every property dealer became a builder fly-by-night fraud operator brought these fraudsters to light. HUDCO, a President of an India-owned company, more particularly in the National Capital Territory of Delhi lured investors to sell Hotel properties by concealing its title, not disclosing unauthorized constructions and various other material factors, of which one of them were no electrical connections, and other facilities boasted in the brochure. HUDCO was charging investment interest @17% pa to the Government on the buildings constructed with no statutory approvals. Finally, they chalked out a plan with the ministry and met the funding by selling these unauthorized properties, defrauding the bidder. The advertisements issued deliberately concealed information necessary to be disclosed in the brochure. Bidding on the properties were presented by HUDCO on behalf of the Government to potential investors, under which MS Shoes was defrauded. MS Shoes East Limited, Pavan Sachdeva, and his 51,000 shareholders covering India still suffer due to the deceit practiced by HUDCO. Brochures circulated and pre-bid meetings advertised by HUDCO as being a government-owned company, and the lessor being the Government of India showed no valid reason to research the Governments Credibility. Therefore, MS Shoes East Limited sought with good intentions to invest in a solid business adventure. However, they were quick to circumvent any negative opinion about Andrews Ganj Land projects offered by HUDCO, taking the Ministry of Urban Development name in the brochure. As part of the investment deal, HUDCO agreed to provide MS Shoes East Limited a Five-Star Hotel land building to be const
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