CHENNAI: GRK Reddy, Chairman & Managing Director of MARG Group, was arrested on Wednesday by the city police following complaints of cheating filed by clients, who had booked flats in its delayed real estate projects.
MARG is one among the big real estate companies based in Chennai. The firm also operates the Karaikal port.
A few real estate projects of MARG have been running several years behind schedule.
A statement from the city police said that GRK Reddy was arrested, particularly based on a complaint lodged by one E Abul Mansoor, who had paid `25 lakh and booked a flat in the MARG Swarnabhoomi project, which is coming up at Seekanankuppam in Cheyyur taluk in Kancheepuram district.
The company had delayed the project and was yet to hand over the flat.