Real Estate Promoters Booked in Rs 250-Crore Fraud Case

Following the directions from the Saket District Court, the Delhi Police’s Economic Offences Wing (EOW) has registered a case against the promoters of a real estate group and its associated companies for alleged fraud, criminal breach of trust, and forgery involving more than Rs 250 crore, officers said on Sunday.

The case was registered on January 15, following a complaint by a private firm that alleged it was cheated in a township development project on around 8.86 acres of prime land in Dhuneila village in Gurgaon. According to the complaint, a collaboration agreement was signed in December 2016 under which St Patrick’s Realty was to develop the land and, in return, hand over 10,635 square yards of developed residential plots to the complainant company. The agreement stipulated that the complainant’s share would be transferred before the group sold its own portion.

However, the complainant alleged that the promoters gained its confidence through repeated meetings held at their Aerocity office and at five-star hotels, including the Taj Mansingh in Delhi. The promoters of the real estate firm allegedly violated the agreement by neither handing over the promised plots nor returning the land.

During the course of a civil suit, it allegedly emerged that the group had sold the complainant’s share of land to third-party homebuyers without consent, falsely representing themselves as the lawful owners. Police said the accused allegedly collected hundreds of crores by entering into such agreements. Investigators are also examining allegations that the group cheated hundreds of homebuyers, laundered the proceeds through associate companies, and evaded stamp duty, income tax, and GST by registering properties at nearly 40% below market value.

Police said no action was taken earlier, prompting the complainant to approach the court. Following the court’s order, the EOW registered an FIR under sections related to cheating, forgery, criminal conspiracy, and breach of trust. Further investigation is underway.