Eight Builders Booked For ₹6cr Loan Fraud, Real Estate News, ET RealEstate

November 2, 2023

PANCHKULA: Eight Tricity builders have been booked for fraud after they allegedly took a loan of Rs 6.07 crore from a private firm and later refused to pay back the money.

Hardeep Singh, authorised representative of a finance company, in his complaint stated that in the month of August 2016, a person identified as Vinod Kumar Gupta, along with his brothers Satish Kumar, Pradeep Kumar and Raman Kumar, in their individual capacity and as directors of GBP Builders and Promoters, and Poonam Gupta, Sonam Gupta, Chinky and Rajni Gupta, wives of the directors, approached their branch office for availing a loan against property.

All of them told the firm that they are well established builders and are running various construction companies, including Jagan Realtors Private Ltd and New Era Buildtech Pvt Ltd. Based on the documents submitted by the accused, property valuation was done by the consultant architects. Considering the reports, the firm sanctioned an amount of Rs 6.07 crore on July 30, 2016.

Hardeep alleged that after disbursal of the loan amount, the accused persons paid a few installments but thereafter, they deliberately stopped the payment of EMIs.

“Despite approaching them multiple times, the accused persons allegedly refused to repay the loan,” said the complainant.

The private firm then filed a complaint and the police, based on the complaint, registered a case under Section 406 (punishment for criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) and 120-B (punishment for criminal conspiracy) of the IPC at Sector-20 police station and initiated the investigation in the case.

Sub-Inspector Des Raj, the investigation officer said, “We have registered a case based on the complaint. The investigation is under progress.”

  • Published On Nov 2, 2023 at 12:00 PM IST

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