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Absconding Promoters Of Kochi Real Estate Firm Surrender

Kottayam, June 18 :  Two promoters of Kochi-based real estate company 'Apple A Day', absconding after their business venture collapsed recently, surrendered before a court in the district today.Saju Kadavilan and Rajeev Kumar Cheruvara, against

PTI [ Updated: June 18, 2011 21:26 IST ]
absconding promoters of kochi real estate firm surrender
absconding promoters of kochi real estate firm surrender

Kottayam, June 18 :  Two promoters of Kochi-based real estate company 'Apple A Day', absconding after their business venture collapsed recently, surrendered before a court in the district today.


Saju Kadavilan and Rajeev Kumar Cheruvara, against whom a look out notice had been issued by police after investors complained that their company had failed to deliver flats on time, surrendered before the court in Ponnkunnam and were remanded to 14 days judicial custody, police said.

The company had offered flats at a low rate in Kerala's commercial capital Kochi and nearby areas and had collected advances from various persons, including NRIs, running into crores of rupees.

To lure investors, 'Apple A Day' even offered a car for those who first booked flats and paid advance.

The victims had lodged police complaints for 'fraudlent practices' and also apprached Chief Minister Oommen Chanday last week seeking his intervention on the matter.  PTI

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