November 21, 2021 10:34:17 pm
Zirakpur police on Sunday registered another case against Gupta Builders and Promoters Limited on the charges of cheating and criminal breach of trust.
The builders had around September this year gone missing after having cheated several investors and police said they have failed to locate any GBP promoters so far.
It was speculated that the accused had fled abroad. One of the promoters had also in September shared a video on social media claiming that he had gone to UK to find new investors for his projects.
On September 28, through an open letter via social media, one of group’s directors, Satish Gupta, had assured the investors that they were abroad to seek investments and had attributed the delay in completing the projects to the pandemic.
The company owns major housing and commercial projects in Zirakpur, Derabassi, and Kharar.
According to information, Ujjwal Sethi, a resident of Sector 45-A, Chandigarh had lodged a complaint with the police stating that the GBP group was developing a housing project in Ramgarh Bhudha village. Sethi in his complaint said that the company, however, had stopped construction midway.
“At least 70 people had taken home loans from banks and paid the money to the investors. But the promoters of the company fled after taking the money. The construction of the project was also stopped midway,” Sethi alleged in his complaint.
Acting on the complaint, police registered a case under sections 420 (cheating) and 406 (criminal breach of trust), and 120-B (criminal conspiracy) of the Indian Penal Code (IPC). The company’s developers — Satish Gupta, Raman Gupta, and Pardeep Gupta — were named as the accused in the case.
The promoters of GBP group had allegedly fled the country after leaving multiple projects midway, leaving hundreds of investors in the lurch.
After the Pearl Group scam, the GBP case is one of the biggest in the district when a company is accused of allegedly duping hundreds of investors to the tune of crores.
Zirakpur police had already registered a case against the company in September after the developers had allegedly fled.
A police officer privy to the investigation said that they had already issued a Look Out Circular (LOC) and will soon trace all the accused.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.