While reprimanding the investigation officer (IO), asking him to "pull up his socks and carry out efficient investigation", the Delhi High Court has restrained Pradeep Jain, Chairman of Parsvnath Developers Ltd, and other directors of the company, from leaving the country. In his order issued last month, Justice Vipin Sanghi, said, "Prima-facie, this case appears to disclose a serious offence, which could well be a multi-victim scam. In such cases, it is highly frustrating, not only for the complainants but also for the Court, to see the investigating agencies drag their feet. Inefficient investigation in such like cases also gives rise to avoidable doubts about the competence and integrity of the investigating agency."
New Delhi-based Paramount Subhash Nagar Resident Welfare Association had filed a first information report (FIR) against the developer and its 12 directors. These include Parsvnath's Chairman Pradeep Jain, and directors Sanjeev Kumar Jain, Rajeev Kumar Jain, Pritam Singh, Ashok Kumar, Deepa Gupta, Mahendra Nath Verma, RJ Kamath, the company unit Parsvnath Realcon Pvt Ltd and additional directors Ashim Ghandi, Yogesh Jain and Vivek Garg. However, there was not much progress or investigation by the police. The Welfare Association then approached the Delhi High Court. In its petition, the Association contented that its members were duped by Parsvnath Developers, who have not developed the real estate project and left its members high and dry. Their further grievance was that the police appear to be hand in glove with the 'rich builders' and moving slowly in carrying out the investigation. Advocate Viveck Agarwal, Counsel for the Association, submitted before the HC that till date the accused had not been summoned by the police, and it was likely that "they may even flee the country, since they were men of means, to evade the law". The police contended that a notice was issued on 20 January 2017, but the accused had sought 30 days' time. The IO told the Court that till date the accused had not come back with any documentation.
In 2005, the DMRC had awarded the project to Parsvnath Developers. The project was to be developed in five years as super luxury, air-conditioned condominiums, as per the agreement between DMRC and Parsvnath.