CBI files fraud case against realty developer

THE COMPANY ALSO SUBMITTED FAKE BILLS SHOWING PURPORTED PURCHASE OF MATERIAL FROM CERTAIN SUPPLIES WHICH COULD NOT BE LOCATED

nNEW DELHI: The Central Bureau of Investigation (CBI) has filed a fraud case against a real estate developer Rahul Gaur and his wife Navneet Gaur for allegedly cheating Bank of Baroda (BOB) and the Syndicate Bank of ~80 crore in the name of developing a high-end residential complex planned by their firm Brys International Private Limited.

Gaur is son of a top builder but the company said their name should not be dragged with him as it has nothing to do with him.

According to the Central Bureau of Investigation FIR, accessed by HT, the company had taken a credit of ~250 crore (~150 crore from BOB and ~100 crore from the Syndicate Bank) in 2015-16.

The company was supposed to develop luxurious apartment complex comprising 291 luxury apartments at Sector 150, Noida.

The project was abandoned by the borrowers at initial stage itself, CBI said.

The company also submitted fake bills showing purported purchase of material from certain supplies which could not be located and the vehicle particulars mentioned in the bills of supplies were also found to be bogus, according to the FIR.

It is alleged that the initial deposits by the buyers should have been credited to the escrow account but it was not done.

A forensic audit of the company’s account showed roundtripping and diversion of funds, opaque functioning and misrepresentation of facts, it added. It has revealed multiple acts of diversion of funds, fraud cheating and forgery on the part of the accused.

Rahul Gaur could not be located for his comments.