MD of a Gurgaon Real Estate company caught for a fraud of 1000 Cr
The Gurgaon Police catches the managing directors of the real estate company Vigneshwara Group, with two of their family members for a fraud of over 1,000 crore.
700 investors put in their money since 2006-07 for properties in and about Gurgaon and believed fake promises of returns but they didn’t start constructions and failed to give back the payments too.
FIR filed against the group MD Sunil Dahiya along with his father Daryay Singh and brother Sanjay, in Sushant Lok police station. Dahiya being hospitalized isn’t yet on custody.
They misled investors promising 12% returns, through advertisements. These were on construction properties at Gurgaon Sector 74 and IMT Manesar.
One of the 38 investors in Vigneshwara project, Geetha Venkatesan, filed a complaint that she didn’t receive payments since the previous month and the cheques issued by the company had bounded. She also complained about the illegalities on project IMT Manesar which began in 2006-07 and was just 20% done while the one in Sector 74 started.
Naresh Kumar, officer at the police station said that the three had been filed under sections 420 (cheating), 406 (breach of trust), 120B (criminal conspiracy) and 34 (common intent) of the IPC. They are accused under investigation but the main person is hospitalized.
Ram Singh and Kiran Kumar were other investors who accused and complained and said that their money was to be received by May 20.
Source: The Times of India
fraud against real estate company, illegal building business, illegalities on project IMT Manesar, investors in Vigneshwara project, properties at Gurgaon Sector 74, Real estate company, real estate fraud, Vigneshwara project
