India News | UP Cops Launch Probe After Allegations of Fraud by Finance Firm, Builder over Noida Land
Get latest articles and stories on India at LatestLY. Noida/ Ghaziabad police on Wednesday said they have launched a probe after a real-estate developer alleged fraud by a finance company and another builder to usurp its land in Noida.
Noida/Ghaziabad, Apr 12 (PTI) Ghaziabad police on Wednesday said they have launched a probe after a real-estate developer alleged fraud by a finance company and another builder to usurp its land in Noida.
The police have booked 18 people, including current and former officials of Indiabulls Housing Finance and developer M3M India, on charges of cheating, forgery and criminal conspiracy, among others, according to the FIR.
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The FIR was lodged at the Indirapuram police station in Ghaziabad on April 9 after a complaint by a representative of Shipra Estate Ltd.
“The FIR has been lodged after instructions from a local court. The police have launched a probe but in matters like this when the amount of alleged fraud is big, the cases are investigated by the Economic Offences Wing (EOW) or an SIT (special investigation team). The case is in the process of being forwarded to either the EOW or an SIT,” Deputy Commissioner of Police (Trans-Hindon Ghaziabad) Vivek Chandra Yadav told PTI.
According to the FIR, Shipra Group representative Amit Walia claimed his group had to complete residential and commercial projects for which Indiabulls approached it in 2018 and offered a loan of Rs 1,939 crore.
Walia claimed his group was provided only Rs 866 crore and shortly thereafter asked “illegally” to repay Rs 1,738 crore within seven days. He claimed it was done intentionally to take over his group's 73-acre land in Noida's Sector 128.
In July last year, the DLF group had challenged the deal to sell this land to M3M in the Delhi High Court.
When contacted, Gurgaon-based M3M rejected the allegations and said the matter is sub-juice.
"M3M is a law-abiding company and we do our business following best practices with highest level of integrity and corporate governance," the company said in a statement to PTI.
"Since the current matter is subjudice, we would not like to comment further," it added.
The Mumbai-headquartered Indiabulls Housing Finance could not be contacted immediately.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)