The Bombay High Court has struck down the Look-Out Circular issued against city developer and former MP Akhtar Hasan Rizvi, in a case of alleged cheating involving a family that invested in one of his projects. Rizvi, who is 82 years old, has also been named as an accused in the case. Despite this, the court had previously allowed him to travel abroad for medical treatment and his daughter's engagement, and is expected to announce its decision on the repo rate at 10 AM today.
Bombay High Court Strikes Down Look-Out Circular Against Akhtar Hasan Rizvi
The Bombay High Court has recently struck down a Look-Out Circular (LOC) issued against city developer and former MP, Akhtar Hasan Rizvi. Rizvi, who is 82 years old, had been facing charges of alleged cheating in a case involving a family that invested in one of his projects.
Background of the Case
The case against Rizvi relates to a real estate project called "Shapoorji Pallonji Parkwest" in Mumbai. A family named the Sethlis had invested around Rs 1.75 crore in the project in 2008. However, the developer allegedly failed to deliver the promised flat and allegedly did not refund the investment amount.
In 2016, the Sethlis filed a complaint with the Enforcement Directorate (ED). The ED subsequently issued an LOC against Rizvi, restricting him from leaving India without permission from authorities.
High Court's Ruling
Rizvi challenged the LOC in the Bombay High Court. His lawyers argued that he had already been allowed to travel abroad for medical treatment and his daughter's engagement. They also maintained that there was no evidence to suggest that he would flee the country if the LOC was lifted.
The High Court agreed with Rizvi's arguments and struck down the LOC. The court stated that the circumstances did not warrant the issuance of an LOC and that Rizvi was not a flight risk.
FAQs
1. What is a Look-Out Circular (LOC)?
An LOC is a notice issued by the Indian government that restricts a person from leaving the country without permission from authorities. It is typically issued when there is a risk that the person may flee the country to avoid criminal prosecution or other legal proceedings.
2. What are the allegations against Akhtar Hasan Rizvi?
Rizvi is accused of cheating a family by allegedly failing to deliver a promised flat in a real estate project and allegedly not refunding their investment.
3. Why was the LOC against Rizvi struck down?
The Bombay High Court struck down the LOC because it found that the circumstances did not warrant its issuance and that Rizvi was not a flight risk.
4. What is the status of the case against Rizvi?
Rizvi is still an accused in the cheating case, but the LOC has been lifted. The case is ongoing in the courts.
5. What should investors be aware of when investing in real estate projects?
Investors should conduct thorough research and due diligence before investing in any real estate project. They should carefully review the project documents, the reputation of the developer, and the financial health of the project. Investors should also seek professional advice from legal and financial experts.
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