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MD denied bail

NEW DELHI: A court here has refused to grant bail to a real estate firm’s managing director, who was accused of cheating nearly 1,400 investors of Rs.54 crore by promising them plots and flats in the National Capital Region, saying the charges on him were of serious nature.

Rejecting the bail plea of Yatinder Singh Rana, Managing Director of PSG Developers and Engineers Private Limited in a recent order, Additional Chief Metropolitan Magistrate A.K. Kuhar said the accused had acted in a calculated manner by alluring people to invest despite knowing well that the company did not have necessary licences for the projects promised. It further observed that the people had not only been duped of their hard earned money but their trust reposed in the firm had also been breached.

Earlier, while arguing for the bail plea, Rana’s counsel tried to assure the court that his client wanted to settle the matter and had already settled claims worth Rs.5 crore made by various investors.

Rana was arrested on October 14, 2007, by the Economic Offences Wing of the Delhi police following registration of three cases against him.

According to the complainants, Rana’s company gave misleading advertisements in the leading newspapers for selling flats and plots in its various projects at Manesar, Faridabad and Greater Noida.

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