Zirakpur: GBP management booked for fraud

Investors approach Mohali police with plaints, claim Rs 1,500 cr involved

Zirakpur: GBP management booked for fraud

The Mohali police today booked the management of Gupta Builders and Promoters Private Limited (GBP) for duping scores of investors by taking money from them on account of residential, commercial properties, investment and other real estate dealings. Photo for representation only.

Tribune News Service

Zirakpur, September 24

The Mohali police today booked the management of Gupta Builders and Promoters Private Limited (GBP) for duping scores of investors by taking money from them on account of residential, commercial properties, investment and other real estate dealings.

A large number of investors today approached the Mohali police with their complaints after reports of the builders fleeing the country started gaining ground.

Police officials said there were similar complaints against one more real estate firm, which were being investigated.

People from the tricity, Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir among others had invested their hard-earned money in various housing projects. They alleged that the real estate firm management and the staff had been incommunicado for the past one week. Offices of the firm have been locked for the past one week.

On a complaint of Mohali resident Sarika Poplani, directors Satish Gupta, Raman Gupta, and Pradeep Gupta, all brothers, have been booked.

“As many as 35 people approached us today. They are claiming a fraud to the tune of Rs1,500 crore by the GBP management. The police have begun investigation. The amount could be less or more as the builders have several projects in Zirakpur, Mohali, Kharar, New Chandigarh and other places. More investors are likely to file complaints in the coming days,” said Mohali SSP Satinder Singh.

SP (Rural) Ravjot Grewal said: “A case has been registered against the management of the GBP Group under Sections 406, 420 and 120-B of the IPC at the Zirakpur police station.”

GBP managing director Satish Gupta did not respond to repeated phone calls. A case is already registered against the group for illegal cutting of plots in New Chandigarh. Two cases of selling commercial sites in Sector 66 without the approval of the competent authorities are in the investigation stage.

The GBP builders’ residential and commercial project, Camelia, in Kharar and GBP Centrum in Zirakpur are under construction since 2016. Residential and commercial project, Athens, on the Airport road is also said to be incomplete. In New Chandigarh, a proposed residential colony is yet to enter the construction stage. Sources said a UK-based conglomerate had signed an agreement with the group to invest money in crores, but now it has pulled out of the project.

People from tricity, other states among investors

People from the tricity, Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir among others had invested their hard-earned money in various housing projects. They alleged that the real estate firm management and the staff had been incommunicado for the past one week. Offices of the firm have been locked for the past one week.

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