Orbit CEO to face widened probe in default case

Four days after arresting Pujit Aggarwal, the MD and CEO of Orbit Constructions, in an alleged loan default case, the Azad Maidan police said on Monday that they have widened their probe by clubbing with it 30 more such cases registered against him at other city police stations. The police is still conducting investigations to account for the missing Rs 114 crore that he had allegedly taken from investors.

Aggarwal’s police custody was extended till September 16 after the Mumbai police arrested him on Thursday for allegedly defaulting on a loan of Rs 250 crore that he had taken from various financial institutions.

Aggarwal’s Orbit Residency Park was announced in 2009 and over 300 people invested in the same and bought flats in the project. The investors — who had paid lakhs of rupees in an instalment every time a slab was completed — were unaware that Orbit had availed of a loan from Life Insurance Corporation Housing Finance by pledging 145 flats to the financial institution.

One of the investors, Lalit Vajirani, said, “Aggarwal kept us in dark about his loan in LICHFL.”