Axes group of Durgapur mopped up 50 crores in six years

Axes Multi Developers Ltd., a real estate company of Durgapur which in last two to three years diversified into media, resort, hotel business and mobilizing funds is reported to have collected around Rs 50 crore in the past six years on the false promise allotting plots, investigators have learnt.

axes-group-multi-developers-durgapur
Axes Multi-Developers of Durgapur

Police has been probing multiple cases of cheating against the Axes group following a court order to investigate upon a complaint of cheating against the company lodged by Arijit Das of Andal.

“Our preliminary investigation has revealed that Axes had collected around Rs 50 crores since 2007 by promising investors residential plots in Durgapur and its outskirts.” said Sunil Yadav, the Additional Deputy Commissioner of Police (east), in Durgapur yesterday.

Following a complaint by a retired ECL employee in Durgapur court, the additional chief judicial magistrate of the court on 29th April has ordered police to treat the complaint as an FIR and start investigations immediately.

The retired ECL employee had complained in court that Axes had not given him the promised land against which he had been making payments in installments since 2009.

Immediately after getting the court directives, Durgapur police raided the City Centre office of Axes on April 30 and arrested 8 employees. The 8 were granted bail yesterday.

However, the police are yet to trace the three Axes directors: Katyayan Bhattacharyya, Satyajit Bose and his wife Saraswati, who have been absconding since April 30.

According to the police, the company, whose offices in Jharkhand, Odisha and Tripura have also close down, collected money from investors on the promise of returning them gold, apart from the schemes to sell plots and its fixed deposits policies.

The police said three complaints of cheating related to the company’s land deals have been lodged in Durgapur police station.

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