3 Officials Of Real Estate Firm Arrested For Allegedly Duping Investors

3 Officials Of Real Estate Firm Arrested For Allegedly Duping Investors

The real estate firm officials allegedly diverted a fund of Rs. 191 crore deposited by investors (File)

New Delhi: 

Three officials of a private company were arrested by the Delhi Police on Saturday for allegedly duping investors.

The investigators found that the company officials allegedly diverted a fund of Rs. 191 crore deposited by the investors. Besides, they were also accused of failing to complete the project within the given period of time.

The accused have been identified as Surpreet Singh, Vijay Bahadur and Nirmal Singh. All of them hold the position of director in M/s Hacienda Project Pvt Ltd.

The company had booked apartments in a residential group housing project named Lotus 300 which comprises of 6 towers, at Sector 107 in Noida.

“The company had lured home buyers for an attractive offer to book residential flats. It also promised to complete the project in 39 months from the date of allotment letter in 2010. As the location of the project is ideal, a total of 328 home buyers invested in the project,” said an Economic Offence Wing official.

“The company has started the construction of the project in 2010 with stipulated completion time of 39 months. The project is yet to be completed and delayed by more than four years,” the official added.

[“source=ndtv”]

Utility stocks soar to highest levels in a year as investors rush to safe havens

Elon Musk, CEO of Tesla

Beck Diefenbach | Reuters
Elon Musk, CEO of Tesla

CFRA just raised its price forecast on Tesla to $420 a share — the same as the now-infamous price target CEO Elon Musk told investors they would get if he tookthe company private earlier this year.

The electric car market is about to get more competitive in 2019, but CFRA analyst Garrett Nelson said he expects Tesla to roll out lower-priced versions of the Model 3 that will undercut rivals and limit any impact on sales. He also said the car’s cost should fall as Tesla becomes more efficient. Nelson reiterated a buy rating on the stock and raised the price target from his previous forecast of $375 a share.

Shares of Tesla were trading around $361 a share Tuesday afternoon.

Tesla did not respond to a request for comment.

[“source=cnbc”]