In a development that could spell further trouble for arrested builder Pujit Aggarwal, the Azad Maidan police have seized more than Rs 70 lakh in cash from his office and are now investigating the source of the money.
The Hindu had in August this year reported how hundreds of investors were left in the lurch after Orbit Residency Park, one of Aggarwal’s projects, was seized by the Life Insurance Corporation Housing Finance Limited. Aggarwal is alleged to have kept his investors in the dark about his loan with the LIC HFL and was arrested earlier this month after some of the investors approached the police.
Sources told The Hindu that a large amount of cash was recovered by the Azad Maidan police while conducting a search of the Orbit Corporation Ltd office in Worli. The searches were being conducted as part of the police’s investigations to find out where Aggarwal utilized Rs 82 crore from the Rs 260 crore that he borrowed from LIC HFL, as only Rs 178 crore have been found to have been used in the construction of Orbit Residency Park.
Confirming the development, Senior Police Inspector Vijay Kadam, Azad Maidan police station said, “We have taken a total of Rs 77 lakh in cash into our which were found during our search in Aggarwal’s office on Monday. Further inquiries into this aspect are underway.”
Aggarwal’s police custody expires today and he will be produced in court later in the afternoon.
