olice say the three arrested officials of Hacienda Projects Pvt Ltd diverted ₹191 crore to other projects
From page 2 NEW DELHI: The Delhi Police’s economic offences wing (EOW) has arrested three directors of a real estate firm for allegedly diverting ₹191 crore invested by homebuyers into its other projects and not delivering the flats on time.
Police said the three directors of Hacienda Projects Pvt Ltd— Surpreet Singh Suri, Vidur Bhardwaj and Nirmal Singh — have been booked for cheating, criminal conspiracy and criminal breach of trust.
Additional commissioner of police (economic offences wing) Suvashish Choudhary said the FIR was registered for not delivering flats in a housing project, Lotus 300, in Noida’s Sector 107. Police said the project has six towers and all of them are yet to be completed.
In a statement, the Delhi Police said the project was to be developed by Hacienda Projects Pvt Ltd. The project, started in 2012, was to be delivered within 39 months from the date of issuance of allotment letters. The company had said the project will have 300 apartments, but at a later date, got the building/ plan changed from the Noida authority with mala fide intentions, police said.
Police said in 2014, a dispute arose between farmers, whose land was acquired for the housing project, and the Noida authority.
This was settled in 2016 and the project was revived. However, the builders then allegedly tricked each homebuyer into investing around ₹5 lakh more, police said, but continued to delay the delivery time.
“The number of apartments was increased from 300 to 336 in the project, which is a violation of the terms of the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act, 2010,” the police statement said.
Police said there are more than 50 complainants in the FIR and the company had collected nearly ₹100 crore from them.
Police also said there are total of 328 investors in the project and the company has collected nearly ₹636 crore, of which ₹191 crore has been diverted by the builder to its subsidiary companies.
The additional commissioner said police are also looking into four or five other cases registered against the three directors. Despite repeated attempts, company officials could not be contacted at the addresses and phone numbers provided by the police.
Arrests will not help us get our flats, say aggrieved buyers
› The arrests will not impact us at all. We have already suffered huge losses and are not hopeful that our flats will be delivered soon.
› SUMEET SAXENA, homebuyer Buyers had been assured possession of flats by 2013. However, the flats were never delivered despite extended deadlines from the builder.
SAURABH DHIR, homebuyer
NOIDA: Buyers who had invested in Lotus properties on Saturday said they will approach the Economics Offences Wing (EOW) as a consolidated group and feared that the company might file for bankruptcy after the arrest of three of its directors.
“The buyers of different 3Cs properties are in touch and may approach the bankruptcy court and EOW so that their grievances are taken more seriously. The arrests shows how the condition of the company was critical,” said Sahil Sethi, an advocate representing buyers of Lotus Panache, Boulevard and Zing in Noida and Lotus Greenopolis in Gurgaon.
Buyers are not sure if the arrests will impact the status of their projects, work on which has been on a standstill for almost five years now. Buyers hope that the arrest will lead to more complaints that prompts the government to intervene in the matter.
“I had purchased my flat in 2012. Buyers had been assured the possession of flats by 2013. However, the flats were never delivered despite multiple extended deadlines from the builder and false assurances,” said Saurabh Dhir, a member of the Lotus Panache welfare association.
He added that the arrested men should not be given bail immediately.
“Their passports need to be confiscated, like other developers,” Dhir Said. Other buyers also said that the arrests would not benefit them in any way. “We have already suffered huge losses and are not hopeful that our flats will be delivered soon,” Sumeet Saxena, another buyer of Lotus Panache, said.