Eight builders in the Tricity region are facing fraud allegations for allegedly obtaining a loan of Rs 6.07 crore from a private firm and failing to repay it. The accused individuals, who presented themselves as established builders with multiple construction companies, secured the loan in July 2016 but later stopped making loan payments, despite initial instalments. The private firm took legal action, and the police registered a case under various sections of the Indian Penal Code. This case highlights the importance of due diligence in financial transactions and may impact the lending and financial sector's practices. The investigation will determine the veracity of the allegations and whether there was deliberate fraud.
A group of eight builders in the Tricity region is currently facing allegations of fraud, as they reportedly obtained a loan of Rs 6.07 crore from a private firm and subsequently failed to repay the borrowed funds. Hardeep Singh, who serves as the authorized representative of the finance company, lodged a complaint in which he detailed the sequence of events.
According to Singh, in August 2016, an individual named Vinod Kumar Gupta, along with his brothers Satish Kumar, Pradeep Kumar, and Raman Kumar, both in their individual capacity and as directors of GBP Builders and Promoters, as well as Poonam Gupta, Sonam Gupta, Chinky, and Rajni Gupta, who are the wives of the directors, approached the company's branch office seeking a loan against their property.
These individuals purportedly informed the finance company that they were established builders with several construction companies under their belt, including Jagan Realtors Private Ltd and New Era Buildtech Pvt Ltd. Relying on the documents submitted by the accused, the finance company engaged consultant architects to assess the value of the property. Following a positive valuation report, the firm approved a loan of Rs 6.07 crore on July 30, 2016.
Hardeep Singh alleged that while the accused initially made a few loan instalment payments, they later intentionally ceased repaying the EMIs. Despite multiple attempts to contact and persuade them, the accused individuals allegedly refused to fulfil their loan repayment obligations.
In response to these allegations, the private firm took legal action and filed a formal complaint. Subsequently, the police registered a case based on the complaint, invoking various sections of the Indian Penal Code (IPC), including Section 406 (pertaining to the punishment for criminal breach of trust), Section 420 (related to cheating and dishonestly inducing the delivery of property), and Section 120-B (punishment for criminal conspiracy). The case was filed at the Sector-20 police station, and an investigation into the matter has been initiated under the guidance of Sub-Inspector Des Raj, the designated investigation officer.
The allegations in this case highlight the potential risks associated with financial transactions, particularly loans, and the importance of thorough due diligence when lending or borrowing significant sums of money. The eight builders, who presented themselves as reputable figures in the construction industry, now find themselves at the centre of a legal dispute over their alleged failure to honour their financial commitments.
As the investigation progresses, it will be essential to ascertain the veracity of the allegations and determine whether there was indeed a deliberate intention to defraud the private firm. The outcome of this case may have implications for the lending and financial sector, underscoring the importance of accurate documentation and compliance with financial agreements.
In conclusion, the case involving the eight Tricity builders accused of fraudulently obtaining a substantial loan and subsequently failing to repay it highlights the significance of ethical financial dealings and adherence to loan repayment commitments. The legal process will determine the culpability of the accused individuals and may serve as a lesson in due diligence and transparency in financial transactions.
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