CEO of Real Estate Firm Arrested for Allegedly Defrauding Lawyers of ₹6 Crore
GURUGRAM: The CEO of a real estate firm has been arrested for allegedly duping several lawyers of ₹6 crore on the pretext of investing in a high-return project, police said on Sunday. Puneet Beriwala (62), CEO of Vipul Limited and a resident of Sector 42, was arrested and remanded to two days’ police custody.
In a complaint filed on October 1, the lawyers alleged they invested ₹6 crore in 2024 after being promised good returns. However, Beriwala allegedly stopped responding and failed to refund the money. The lawyers, who are based in various parts of the country, had trusted Beriwala due to his reputation and the perceived stability of the real estate market.
Vipul Limited, a well-known real estate company, has been in the business for several decades and has a significant presence in the National Capital Region (NCR). The company is known for its residential and commercial projects, which have often been praised for their quality and timely completion. However, this recent incident has cast a shadow over the company’s reputation.
The lawyers, who wish to remain anonymous, stated that they were introduced to Beriwala through mutual contacts and were assured of high returns within a short period. They provided the funds through bank transfers and other financial instruments, expecting their investments to yield substantial profits. However, as the months passed, Beriwala’s communication became sparse, and eventually, he stopped responding altogether.
The police, upon receiving the complaint, initiated an investigation and gathered evidence, including bank statements and communication records. The investigation revealed that the funds were not used for the intended project, and there were discrepancies in the financial statements provided by the company.
Following the arrest, the police have frozen the assets of Vipul Limited and are conducting a thorough audit to trace the flow of funds and understand the extent of the fraud. The lawyers are hopeful that the legal process will lead to the recovery of their investments and justice for all involved.
This case underscores the importance of due diligence and caution when making high-value investments, especially in the real estate sector. Investors are advised to verify the credentials and financial health of the companies they invest in, and to seek legal advice before committing substantial sums of money.
The arrest of Puneet Beriwala is a significant development in the ongoing legal proceedings and serves as a warning to other potential fraudsters in the industry. The police are also urging any other victims to come forward and report similar incidents.
