The FIR lodged at the DLF Phase-II police station under sections 471, 468, 467, 420, 409 and 120-B of the Indian Penal Code pertains to the same project for which Oberoi Realty Limited had recently filed a filing with the stock exchanges regarding its listing. I was informed. into the Delhi NCR luxury segment by entering into a joint venture with IREO.
Apart from Oberoi and Goyal, the police have arrested Rajendra Kumar Yadav, S. Oberoi Realty Limited and Saumil Ashwin Daru, executive director of Oberoi Realty Limited, have been named accused in the FIR.
According to the FIR available with IANS, IREO Residence Company Private Limited took up the project of development of a residential colony on approximately 17.224 acres (said land) of land at Village Ghata, Sector-58, Gurugram. The FIR states that the company The project was taken over by another company, Commander Realtors Private Limited, which had received approval from the Directorate of Town and Country Planning, Haryana to set up a residential colony on the said land.“After launching the above residential project, the Company entered into partnership with several other companies/investors, besides collecting funds from the proposed buyers in the form of booking advance. Thus, the company through its office bearers raised Rs. Collected more than. Rs 124 crore from prospective home buyers and in total, they have managed to collect around Rs 400 crore, which also includes other sources,'' read the FIR.
The FIR further states that despite these collections, the company allegedly failed to take forward the project satisfactorily, leading to several legal challenges by the home buyers, including filing an appeal before the NCLT under the Insolvency and Bankruptcy Code. A notable case and petitions were also involved. The complainant further alleged in the FIR that being stuck in litigation and unable to proceed with the project, Lalit Goyal and Pankaj Duggar, on behalf of IREO, approached Advanced India Projects Limited (AIPL) in July 2020. Did.He requested AIPL to take over two distressed projects, including Grand Hyatt Residences in Gurugram, under a memorandum of understanding (MoU) signed on March 2, 2021.
The FIR alleged that IREO misled AIPL by presenting the Grand Hyatt Residences project as viable despite financial difficulties and ongoing litigation. Acting on these representations, AIPL diverted significant resources, causing losses to the tune of approximately Rs 1000 crore, while IREO allegedly manipulated the situation to avoid bankruptcy and legal consequences. “The complainant sold the assets to potential buyers. Further, the complainant appointed KNM Partners, a reputed law firm to carry out the process of due diligence. The complainant spent its resources on streamlining the project and incurred huge expenses in the process.Apart from the above, the complainant spent resources, money, workforce and time and energy on the project,” the FIR reads.
Furthermore, the FIR claims that IREO did not facilitate the due diligence required for the MOU and continued negotiations with other developers, violating the terms of the agreement and causing substantial financial and reputational damage to AIPL.
“The various acts committed by the Company in pursuance of the criminal conspiracy hatched by the Company, including lack of cooperation in completing the due diligence, are inter alia listed hereunder: Facilitation of Settlement with Disagreement To provide/aggrieved customers as per clause 9 of the MoU. “To facilitate the release of various title deeds relating to the project land lying in the custody of the Common Security Custodian in terms of clause 6 (h) of the MoU,” read the FIR. This comes after the Enforcement Directorate (ED) in Gurugram in May The zonal office had provisionally attached properties worth Rs 58.93 crore under the Prevention of Money Laundering Act (PMLA) from IREO group companies and others who are accused of allegedly misappropriating Rs.The money of home buyers is Rs 1780 crore. The attached assets include land parcels and bank accounts.
The financial investigation agency had started the investigation on the basis of several FIRs registered against real estate company IREO Private Limited. Ltd., associated entities, its directors, key managerial persons and others in various police stations of Gurugram, Panchkula, Ludhiana and Delhi etc.
The ED investigation revealed that they defrauded innocent buyers by promising them flats/plots/commercial spaces etc. However, they neither delivered the projects nor refunded the buyer's money. It said that instead, They sent such money outside India in the form of buyback of shares, redemptions, FCDs etc. and in the form of giving loans and advances to related entities/individuals, giving excessive incentives and advances to key managerial persons.“The buyer's money has also been diverted to other companies, which were identified during the investigation. The total proceeds of crime identified in the case is Rs 1780 crore,” the ED officially informed.
Apart from Oberoi and Goyal, the police have arrested Rajendra Kumar Yadav, S. Oberoi Realty Limited and Saumil Ashwin Daru, executive director of Oberoi Realty Limited, have been named accused in the FIR.
According to the FIR available with IANS, IREO Residence Company Private Limited took up the project of development of a residential colony on approximately 17.224 acres (said land) of land at Village Ghata, Sector-58, Gurugram. The FIR states that the company The project was taken over by another company, Commander Realtors Private Limited, which had received approval from the Directorate of Town and Country Planning, Haryana to set up a residential colony on the said land.“After launching the above residential project, the Company entered into partnership with several other companies/investors, besides collecting funds from the proposed buyers in the form of booking advance. Thus, the company through its office bearers raised Rs. Collected more than. Rs 124 crore from prospective home buyers and in total, they have managed to collect around Rs 400 crore, which also includes other sources,'' read the FIR.
The FIR further states that despite these collections, the company allegedly failed to take forward the project satisfactorily, leading to several legal challenges by the home buyers, including filing an appeal before the NCLT under the Insolvency and Bankruptcy Code. A notable case and petitions were also involved. The complainant further alleged in the FIR that being stuck in litigation and unable to proceed with the project, Lalit Goyal and Pankaj Duggar, on behalf of IREO, approached Advanced India Projects Limited (AIPL) in July 2020. Did.He requested AIPL to take over two distressed projects, including Grand Hyatt Residences in Gurugram, under a memorandum of understanding (MoU) signed on March 2, 2021.
The FIR alleged that IREO misled AIPL by presenting the Grand Hyatt Residences project as viable despite financial difficulties and ongoing litigation. Acting on these representations, AIPL diverted significant resources, causing losses to the tune of approximately Rs 1000 crore, while IREO allegedly manipulated the situation to avoid bankruptcy and legal consequences. “The complainant sold the assets to potential buyers. Further, the complainant appointed KNM Partners, a reputed law firm to carry out the process of due diligence. The complainant spent its resources on streamlining the project and incurred huge expenses in the process.Apart from the above, the complainant spent resources, money, workforce and time and energy on the project,” the FIR reads.
Furthermore, the FIR claims that IREO did not facilitate the due diligence required for the MOU and continued negotiations with other developers, violating the terms of the agreement and causing substantial financial and reputational damage to AIPL.
“The various acts committed by the Company in pursuance of the criminal conspiracy hatched by the Company, including lack of cooperation in completing the due diligence, are inter alia listed hereunder: Facilitation of Settlement with Disagreement To provide/aggrieved customers as per clause 9 of the MoU. “To facilitate the release of various title deeds relating to the project land lying in the custody of the Common Security Custodian in terms of clause 6 (h) of the MoU,” read the FIR. This comes after the Enforcement Directorate (ED) in Gurugram in May The zonal office had provisionally attached properties worth Rs 58.93 crore under the Prevention of Money Laundering Act (PMLA) from IREO group companies and others who are accused of allegedly misappropriating Rs.The money of home buyers is Rs 1780 crore. The attached assets include land parcels and bank accounts.
The financial investigation agency had started the investigation on the basis of several FIRs registered against real estate company IREO Private Limited. Ltd., associated entities, its directors, key managerial persons and others in various police stations of Gurugram, Panchkula, Ludhiana and Delhi etc.
The ED investigation revealed that they defrauded innocent buyers by promising them flats/plots/commercial spaces etc. However, they neither delivered the projects nor refunded the buyer's money. It said that instead, They sent such money outside India in the form of buyback of shares, redemptions, FCDs etc. and in the form of giving loans and advances to related entities/individuals, giving excessive incentives and advances to key managerial persons.“The buyer's money has also been diverted to other companies, which were identified during the investigation. The total proceeds of crime identified in the case is Rs 1780 crore,” the ED officially informed.
