Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
A real estate developer, Harinder Bashista, has been arrested for allegedly defrauding his investors of INR 30 crore through a fraudulent property scheme. The case stems from a complaint filed in May 2022, which led to the registration of an FIR in June 2022. Investors, including Sunil Gupta, were tricked into buying units in a project in Greater Noida with false promises and fake documents. Despite assurances of timely possession, the project remains incomplete, leaving buyers without their promised units. As of now, the developer faces 75 complaints from affected investors.
A real estate developer has been arrested for allegedly defrauding his investors of INR 30 crore in a fraudulent property scheme, an official confirmed earlier this week. Harinder Bashista, aged 49, who is the director of a private estate development company, was taken into custody on January 13 and is currently in judicial custody. Advertisement
The case began after Sunil Gupta filed a complaint on May 24, 2022, which led to the registration of a First Information Report (FIR) on June 3, 2022. Gupta, along with several other victims, accused the developer of enticing them to invest in units at a project located in Knowledge Park-III, Greater Noida.
According to the police, the project was launched in 2009 with promises of office spaces, residential units, a commercial mall, and other facilities in a prime area, where leading IT companies were supposedly setting up operations. However, by 2013, Bashista and his associates allegedly convinced investors, including Gupta, to buy into the project with fake documents and offers of attractive returns.
The buyers, trusting the developer, signed Builder Buyers Agreements (BBAs), believing they were purchasing legitimate commercial spaces. But investigations later revealed that the company did not have the authority to transfer the properties. It was also found that the same units were sold to multiple buyers, increasing the losses for investors.
Amrutha Guguloth, the Additional Commissioner of Police (EOW), stated that Gupta and his associates had defrauded their investors of around INR 30 crore. Despite promises of possession within three and a half years, the buyers were left without the units they had invested in. To date, the project remains unfinished, and there have been 75 complaints filed against the developer. The company is accused of collecting large sums of money from unsuspecting investors without delivering on its commitments.
This case highlights the dangers of fraudulent property schemes in the real estate sector. The developer's promises of high returns and secure investments ultimately left investors with substantial losses. The ongoing investigation is likely to uncover further details, and the case serves as a reminder for potential investors to be cautious and thoroughly research any property deals before committing their money. As the project remains incomplete, many investors are left in limbo, waiting for justice.
Advertisement
Facebook
Whatsapp
