05 March,2009 07:53 AM IST | | Imran Gowhar
A city-based builder has accused an advertising agency of swindling him of Rs 5 crore and leaking details of his business plans to a rival company.
In his complaint to Banaswadi police, Orange Properties' proprietor Vijay Tata alleged that Sudham Prabhakar Ghate and his associates who are the directors of Magnum Intergrafiks Private Limited had taken over Rs 5 crore from Tata to place advertisements in the media.
Bad ads
"I trusted them and paid the amount but later came to know that the quality of the ads were not good," Tata said. He later came to know that Ghate and his associates had paid only half of Rs 5 crore which had led to the poor display and which, in turn, resulted in a huge loss for the company.
When Tata asked for the accounts of the ad revenue spent, Ghate not only refused to provide him with the details but threatened him with dire consequences.
Tata asked the bank to stop any further payment to Ghate who then filed a complaint with the Indian Newspaper Services (INS). Tata received a notice from INS, seeking an explanation.
