FIR against IREO estate executives, Oberoi Realty

Gurugram: Following the local court directions, Gurugram Police has booked the managing directors of Oberoi Realty Limited and IREO Group, Vikas Oberoi and Lalit Goyal and others on a complaint of cheating, criminal breach of trust and forgery filed by another company AIPL, an official said on Monday.

The FIR registered under sections 471, 468, 467, 420, 409 and 120-B of the Indian Penal Code at DLF Phase-II police station is pertaining to the same project for which Oberoi Realty Limited had recently informed the stock exchanges of its entry into Delhi NCR luxury segment by entering into a joint venture with IREO.

Beside Oberoi and Goyal, the police have named Rajendra Kumar Yadav, S. K. Aggarwal, Anupam Nagalia, Directors, IREO Residences Company Private Limited, Pankaj Duggar, the CEO of IREO Hospitalities, Oberoi Realty Limited through its directors, Bhaskar Kshirsagar, the Company Secretary of Oberoi Realty Limited and Saumil Ashwin Daru, Executive Director of Oberoi Realty Limited, as the accused in the FIR. According to the FIR, accessed by IANS, IREO Residences Company Private Limited took up the project of development of a residential colony on land measuring approximately 17.224 Acres (Said Land) in village Ghata, Sector-58, Gurugram.

The FIR said that the company had taken up this project from another company, Commander Realtors Private Limited, who had the approval for setting up the residential colony on the said land from the Directorate of Town and Country Planning, Haryana.

“Having so taken up the above-mentioned residential project, the company partnered with many other companies /investors, besides collecting money from proposed buyers in the shape of booking advance. In this manner, the company through its functionaries collected over Rs. 124 Crores from prospective home buyers and overall, they have managed to collect about Rs.400 Crores, other sources included,” read the FIR.

The FIR further outlined that despite these collections, the company allegedly failed to progress the project satisfactorily, leading to multiple legal challenges from home buyers, including a notable case and petitions under the Insolvency and Bankruptcy Code before the NCLT.

The complainant further in the FIR alleged that caught in litigation and unable to proceed with the project, Lalit Goyal and Pankaj Duggar, on behalf of IREO, approached Advance India Projects Limited (AIPL), in July 2020.

They requested AIPL to take over two troubled projects, including the Grand Hyatt Residences in Gurugram, under a Memorandum of Understanding (MoU) signed on March 2, 2021.