Realtor accused of Rs 450 crore scam

Cops arrested the alleged fraudster after several cases and complaints were filed against him; gets bail after promising to settle issue with investors within 30 days

Realtor accused of Rs 450 crore scam

Cops arrested the alleged fraudster after several cases and complaints were filed against him; gets bail after promising to settle issue with investors within 30 days

A realtor was arrested by the Whitefield police following several FIRs being filed against him. He was released on bail later in the day after promising to settle the matter within a month.

Duped: During the probe, some investors came forward alleging that
they were also cheated of Rs 150 crore. Representation pic

According to sources, Harkirat Singh Bedi, MD of IDEB Projects and Buildcon was arrested in a case related to a cheating filed by a resident of Springville project. During investigations,u00a0 some investors came forward alleging that they were also cheated of about Rs 150 crore. Besides this, Bedi is accused of cheating several banks of about Rs 300 crore.

Bedi's business associates on conditions of anonymity said, "He collected around Rs 8 crore from me to come up with a new mall at the Outer Ring Road. It was only after we did a background check on Bedi did we realise that the land, on which the Grand Mall was supposed to be built, had not received government sanctions," he said.

The associate said that he had filed complaints, but Bedi was released on bail after promising the court and the police of an amicable settlement within 30 days."

Investors furious
Over 80 investors who were cheated by Bedi have written to the commissioner to re-open the case with the COD. Furthermore, over 30 complaints and grievances have been registered at the Karnataka Consumer Courtu00a0 byu00a0 various business houses and individual investors.

A case of fraud filed by Dharma residing at the SpringVille, reached Inspector Mohammed Rafi, of Whitefield police station limits. "Both the parties were called to the police station and Bedi has promised to make a settlement within a month. We are following the case closely now," he said.