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Updated April 12th, 2023 at 20:20 IST

Uttar Pradesh police launches a probe against builder after allegations of fraud

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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Image: PTI | Image:self
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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.

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.

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Published April 12th, 2023 at 20:20 IST

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