An FIR has been lodged against nine individuals, including Lalit Goyal, the Managing Director of IREO Group, and Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty Limited, for their alleged involvement in a massive fraud case. The police reported on Sunday that these high-profile real estate executives are facing charges under various sections, including cheating, criminal breach of trust, and forgery.
The FIR, registered on Friday at the DLF Phase 2 police station, was issued by the Chief Judicial Magistrate following a complaint from Advance India Projects Limited (AIPL). The complaint alleges that both IREO and Oberoi Realty conspired to deceive investors and defraud the AIPL Group.
According to the FIR, the controversy centers around investments made since 2013, with accusations that the realty groups conspired to defraud allottees who had invested significant amounts of money. AIPL claims that the IREO Group embezzled approximately Rs 1,777 crore, a significant portion of which, about Rs 1,376 crore, was collected as advances from investors. A substantial sum of Rs 400 crore was reportedly gathered from around 70 allottees involved in the Grand Hyatt Residency Project in Sector 58, Gurugram.
The complaint details that multiple cases have already been registered against the IREO Group, prompting investigations by the Enforcement Directorate. This investigation led to the arrest of Lalit Goyal and caused the Grand Hyatt Residency Project to come to a standstill, leaving investors in limbo and sparking various legal battles.
This latest FIR pertains to the same project, which recently saw Oberoi Realty Limited announce its entry into the Delhi-NCR luxury market through a joint venture with IREO. The police noted that the situation is particularly egregious as it appears to be a deliberate conspiracy by IREO and Oberoi to deceive investors. AIPL alleges that after resolving many issues through their agreement, IREO proceeded to enter into a new agreement with Oberoi Realty in bad faith, violating the terms and conditions initially set with AIPL. This maneuver allegedly caused AIPL to incur losses amounting to thousands of crores.
The FIR lists charges under several sections of the Indian Penal Code (IPC), including sections 409 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged document), and 120-B (criminal conspiracy).
A senior police officer confirmed that an investigation is underway, and the accused will be arrested once the facts are verified. The police are treating the allegations with utmost seriousness due to the substantial amounts involved and the high-profile nature of the accused. The unfolding of this case is likely to have significant implications for the involved parties and the real estate sector in Gurugram.
This high-stakes legal battle underscores the need for greater transparency and accountability in the real estate industry, especially concerning large-scale investments and high-value projects. Investors and stakeholders alike will be closely watching the developments of this case, which has already cast a long shadow over the reputations of two major realty groups.
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