The Bengaluru police have detained the developers of Innovative Film City, located at Bidadi on Mysore Road, following a complaint from over 25 investors accusing the developers of cheating them to a tune of Rs 100 crore.
Police have taken Mr Sharavana Prasad, Managing Director of Innovative Film City, along with Ms Upasana, one of the directors in the company, into custody. The investors had met city Police commissioner Mr Jyothiprakash Mirji on January 3 and requested the police to help get back their money. The commissioner had directed the Crime Branch police to investigate into the matter.
After inquiry and hearing out the investors, the CCB police on Thursday detained Mr Sharavana Prasad and Ms Upasana, but did not make any arrest.
“We are seeking legal opinion on whether they can be arrested or not. We will record statements from other developers and partners in the project,” said a senior police officer.
The investors were lured to be part-owners of shopping malls and private lounges run by international brands. The developers had promised Rs 36 per sqft as rent and subsequently Rs 75 per sqft rent once the properties are taken into possession by the international brands. But none of this happened. In the first two months, the company paid rentals to most of its investors through cheques, but stopped paying them from the third month.
The investors include citizens from the US, Hyderabad, Mumbai, Delhi, besides a majority of them from Bengaluru. They have now formed an association and are planning to go in for a legal battle with the developers.
“We want unpaid rentals for the last four years and possession over the property in which we invested. The investment ranges from Rs 1 crore to Rs 15 crore and a number of IT professionals and NRIs have been duped by the developers. We are fed up of promises and assurances about returning our money,” said Ms Fathima Nafeez, one of the investors and secretary of Innovative Film City Investors’ Association.
Another investor, Mr Shyam Sundar of Hyderabad, is an angry man. “I am a US citizen and someone referred me about this project when I was in Hyderabad four years ago. Since then, I have been kept in the dark about payments and returns. Now that the association is formed, I have come down to register my complaint,” Mr Shyam Sundar said.
