The firms - Granity Properties and Orange Properties had collected money from public but failed to allot sites near Devanahalli.
Following complaints by over 250 investors, the offices of these firms were closed down and the matter entrusted to City Crime Branch for investigation.
However, Asfaq Ahmed and C S Vijay Tata Ravi Pati, Managing Directors of the two firms moved the High Court stating that they will repay the entire amount to the investors in four installments, each within a gap of 15 days. The government advocate submitted that the companies should pay approximately Rs 11 crore to the investors.
The Court directed that the amount be paid through demand drafts and police permit the accused to open offices and supervise the repayment. It further ordered that the case against petitioners be quashed. The police should initiate action if the firms fail to pay up.
In view of the orders of the High Court, Commissioner of Police has called upon all the persons who have deposited money with these firms to immediately submit their claims seeking refund of the amounts and receive the amount in four equal installments in the form of account payee drafts.
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