In a massive legal happening, Sector-39 Kotwali Police in Noida have registered a fraud case against Supertech Builder for over Rs 9,000 crore. According to a complaint filed on behalf of the buyers by Gulshan Kumar, more than 36,000 homebuyers were duped across 17 projects undertaken by Supertech.
The fraud against Supertech Builder involves the allegations of frittering away homebuyers’ hard-earned money. In all, a case naming Supertech’s Managing Director Ram Kishore Arora, among others, has been filed by naming Directors Mohit Arora and Vikas Kansal. The complaint further charges the accused of conspiring with a leading finance company which was an alleged party in the fraudulent scheme.
Buyers say fraud against Supertech Builder is due to the assurances made but not fulfilled when booking units. They have now alleged that Supertech did not disclose to the homebuyers and the NCLT about Rs 9,000 crore involved. Buyers say their funds have been misused for other fraudulent activities, increasing their losses.
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Is fraud against Supertech Builder mismanagement of finances?
The probe into the fraud against this Builder now relates to the mismanagement of finances and manipulation of project timelines. Serious allegations notwithstanding, the management of Supertech remained elusive about making any comment on the case. Additional trouble mounted in the form of fraud cases for the builder, who had already been facing insolvency along with considerable delays in projects that frustrated the buyers.
Police are working to gather further evidence of financial wrongdoing. A representative for the buyers claimed that the ” builder repeatedly promised dates for completion of the project”. Further action in the fraud against Supertech Builder is expected to reveal, as the investigation continues.
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