Deccan Chronicle

CBI clears VGN Fairmont project in Guindy

Deccan Chronicle | DC Correspondent

Published on: May 2, 2019 | Updated on: May 2, 2019

The court has thus treated the case as closed.

V Pratish Devadoss

V Pratish Devadoss

Chennai: The CBI court here has allowed the CBI closure report in the VGN Fairmont (Guindy-HTL property) case that admitted no charges had been made out against the VGN Property Developers Pvt Ltd and its Managing Director V Pratish Devadoss. The court has thus treated the case as closed.

The CBI closure report said the agency's probe into the case could not establish any of the allegations against VGN and its MD, whereas the FIR had stated that the accused persons had caused wrongful loss to the Government of India to the tune of Rs.115 crore. It has turned out that the FIR could not be substantiated with prosecutable evidence, said the CBI explaining its closure report.

Allowing the agency's closure report, CBI special judge S Jawahar said, "This court is convinced to accept the closure of the case". He also ordered the CBI to return all the documents it had seized during the course of its investigation to the concerned persons.

 "We are immensely happy. We will now speed up the project and deliver to our esteemed customers in quick time", said VGN general manager H Sureshkumar, pointing out that this development would provide big relief to the 500

The case related to the prime property that originally belonged to Hindustan Teleprinters Ltd close to the Kathipara flyover at Guindy, which VGN had purchased in 2013 for Rs. 272 crore emerging as the highest bidder in a court-monitored auction. VGN then converted the property into a residential project consisting of 1600 apartments. The first phase was launched in 2015 and close to 500 apartments were sold out, Sureshkumar said.

 He also said the CBI court development would provide immense relief to the 500 homebuyers who had bought their apartment through bank loans. "VGN now plans to deliver the project as per the revised RERA timelines. The sales and construction is in full swing. Seven blocks are nearing completion, which is part of Phase 1", he said, adding that VGN Fairmont Phase II is being launched during the last week of this month.

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