Ashfak Ahmed, MD of Granity Properties Private Limited and Vijay R Tata, Proprietor, Orange Properties have given an undertaking to the police, that they will return the money.
Those who had deposited money with the firms can visit offices of either Orange Properties or Granity Properties, along with receipts for the deposits, and receive a complete refund of the money deposited by them in the form of a Crossed Account Payee Bank Draft, Commissioner of Police Shankar Bidari said in a press release.
If the money is not returned to them, depositors can file a police complaint in the City.
Ashfak Ahmed had proposed to form a Layout near Hoskote. He had appointed Orange Properties as the marketing agent for the sites.
The two collected an amount exceeding Rs 9 crore for allotting sites, but failed to deliver them.
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