FIR filed against IREO Group and Oberoi Realty MDs for alleged fraud in Gurugram

Gurugram: An FIR has been registered against nine persons, including IREO Group Managing Director Lalit Goyal and Chairman and Managing Director of Oberoi Realty Limited, Vikas Oberoi, under various sections of cheating, criminal breach of trust and of counterfeiting, police announced on Sunday.

The FIR was filed on Friday on the orders of the Chief Magistrate of DLF Phase 2 police station, following a complaint filed by Advance India Projects Limited (AIPL), citing allegations of cheating, criminal breach of trust and of forgery against the accused, the police said.

According to the FIR, IREO and Oberoi – two real estate groups – are accused of conspiring to defraud beneficiaries who had invested funds since 2013, thereby cheating not only investors but also the AIPL group.

In its complaint, AIPL claimed that the IREO group misappropriated around Rs 1,777 crore and sent it out of the country, adding that around Rs 1,376 crore was recovered as advances from the beneficiaries .

The AIPL alleged that IREO collected Rs 400 crore from around 70 beneficiaries of the Grand Hyatt Residency project in Sector 58 here as part of this fund diversion scheme.

It is also added that in this regard, several cases were registered against the IREO group and they were investigated by the Enforcement Directorate and later the group's chief director and accused, Lalit Goyal, was also arrested. Due to this, the project was stopped midway and cases were filed in different courts on behalf of the beneficiaries.

According to police, the FIR relates to the same project for which Oberoi Realty Limited had recently informed the stock exchanges of its entry into the Delhi-NCR luxury segment by setting up a joint venture with IREO.

The facts of the present FIR are shocking and highlight how IREO and Oberoi deliberately conspired to deprive investors who had invested money since 2013, they said.

According to the FIR, not only the investors were cheated but also the AIPL group, which had entered into a memorandum of understanding to carry out the project and had made substantial progress in resolving the dispute.

“Following the termination of several IREO issuances with the AIPL deal, the company entered into an agreement with another builder, Oberoi Group, in bad faith and in violation of the terms and conditions of the agreement. Due to this, AIPL company suffered a loss of thousands of millions of dollars,” the complainant said in the FIR.

Following a petition filed regarding this fraud, a complaint was registered against nine persons under sections 409 (criminal breach of trust), 420 (cheating), 467 (counterfeiting of securities), 468 (counterfeiting with intent to cheat). , 471 (using fake document), 120-B (criminal conspiracy) of the Indian Penal Code (IPC), police said.

A senior police officer said an investigation was underway and the accused would be arrested after verifying the facts.