Two builders of Apple A Day properties, who have been on the run since over 2,000 people filed a case of duping against them, were denied anticipatory bail by a court here Thursday.
Most of the clients are non-resident Keralites based in the Middle East who had booked flats with the two builders.
Taking a firm stand, Ernakulam Sessions Court Judge Kamal Pasha denied anticipatory bail to Saju Kaduvilan and Rajiv Kumar Cheruvareyum, both in their 30s.
The judge noted that these builders have not delivered a single dwelling unit to any of the clients in the past five years, and this clearly indicates that it is a clear case of cheating.
The duo has been on the run for the past two weeks after the clients got together and filed a case against them.
When their bail application came up for hearing Wednesday, Justice Kamal Pasha noted that the duo had siphoned off Rs.150 crore from innocent investors.
Counsel for the accused told the court that the duo require Rs.33 crore to complete their projects for which they have already managed to get loans from banks and other financial institutions.
The bankers to these builders have informed the police that their bank accounts have gone dry after they pulled out the entire money.
