Skip to main content

Builder arrested for Cheating Homebuyers


                                                          CA Ramesh Agrawal

The Delhi Police’s Economic Offences Wing (EOW) has arrested a Builder who has cheated 31 persons of more than 10 Crores for booking of flats & shops at a real estate project in Haryana’s Rewari. Deepak Gusain, a resident of Ghaziabad in Uttar Pradesh is the accused who has been absconding for a  long time & look out notice was issued for him.

As per the officials, Pankaj Gusain advertised for booking of flats & shops in real estate project in Rewari for his company named “Asian Developers Private Limited” in 2012. Buyers made bookings & regular payments were made by them, but the construction was stopped by builder in April 2014.

The facts were misrepresented by the Builder before the public at large which induced them to invest in the project. Builder assured the investors for timely possession within 27 Months but after some time the construction was stopped & the builder went untraceable.

Deputy Commissioner of Police (Economic Offences Wing) Mr. M I Haider said that after analysing the accounts of the fraud company it was found out that the money of homebuyers was moved to different accounts. The Police also told that the Pankaj Gusain was absconding & he kept on changing his location & even did not joined investigation & hence Look Out Notice was issued for him. A Non Bailable warrant was issued for him.

The Police was able to catch him with the help of a tip, which was received that Pankaj Gusain would visit Tilak Nagar Area. So, with the help of field team Pankaj Gusain was caught. Police said that there are 3 other similar cases already registered against the company & its directors. Investigations for the same are going on.

 

Labels:

Comments

  1. Radhakrishnan10 September 2022 at 07:19

    Whether money will be recovered? If so, how much time it will take, is the biggest question. Arresting the builder alone will not solve the problem of home buyers.

    ReplyDelete

Post a Comment

Popular posts from this blog

ED Arrests Builder in Rs 2,000 Crore Fraud with Homebuyers

CA Ramesh Agrawal The ED has arrested four promoters of Earth Infrastructures Ltd. on 1 st June 2026 for Rs. 2004+ Crore fraud under the Prevention of Money Laundering Act (PMLA). The accused Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta and Vikas Gupta are the directors / promotors of the company. They were presented before a special PMLA court in Delhi. The court granted five days custody to ED for interrogation. As per the agency, Rs. 2004+ Crore has been collected by the Earth Group from more than 19,425 Home Buyers and Investors promising assured returns and timely delivery of the projects. Rs. 467 Crore has been diverted through Group Companies and other related individuals & concerns. The ED told that “Despite receipt of substantial funds from the buyers/investors, the projects were either left incomplete or possession of units was not handed over, thereby causing wrongful loss to the homebuyers and investors,”. The investigation of the agency further revealed that a...
Post a Comment
Read more

RERA SHOULD BE ABOLISHED - SUPREME COURT

  CA Ramesh Agrawal On 12 th February 2026, the Supreme Court expressed serious dissatisfaction with the functioning of the Real Estate Regulatory Authority (RERA), indicating that the institution, should be abolished in its current form. In this regard please note: - The Hon. Supreme Court strongly criticized the current functioning & working of RERA and observed that RERA should be abolished in its existing form & there is a need to rethink the role being played by it. The Apex court urged all States to examine who is actually benefiting from RERA’s functioning. The Bench comprising of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi observed that RERA is helping defaulting builders rather than effectively protecting homebuyers or fulfilling its intended objectives. The Bench emphasized that States should revisit the original purpose behind the enactment of the RERA Act. As quoted by Bar and Bench, CJI Surya Kant stated “ All States should now think of...
Post a Comment
Read more

FIR Filed Against Builder for Alleged Fraud

  CA Ramesh Agrawal An FIR has been registered by The Economic Offences Wing (EOW) of the Delhi Police against Gurugram based real estate company Experion Developers Private Limited and its related entity, Experion Capital Private Limited, following a complaint filed by the Enforcement Directorate (ED), according to an official statement. The complaint raised from the ED’s investigation into an alleged money laundering case involving Religare Finvest Limited (RFL). During the probe, the ED found that former promoters of RFL, Malvinder Mohan Singh and Shivinder Mohan Singh, allegedly diverted around Rs 2,036 crore through entities under their control. As part of this diversion, the ED alleged that Rs 150 crore from RFL was used to acquire a 27.86-acre land parcel in Sector 62, Gurugram. On 4 th February 2020, the ED attached this land, which also included a 9.1-acre portion owned by Dignity Buildcon Private Limited. During further investigation, the ED observed that the Exp...
Post a Comment
Read more