New Delhi: A major business fraud dispute has surfaced in Uttarakhand’s Kashipur, where a Delhi-based company director has accused two individuals of allegedly cheating him out of more than ₹4.25 crore in connection with a proposed industrial unit acquisition. The complainant has also alleged that he was threatened with serious consequences when he questioned the transaction. Police have registered a case and initiated an investigation into the matter.
According to the complaint, Sanjeev Goyal, director of Paramount Polytex Private Limited, was looking to establish an industrial unit in Uttarakhand and entered into negotiations to purchase an industrial property located in the Kashipur region. The proposed transaction reportedly included land, plant, machinery and other assets, with the total deal value estimated at approximately ₹13.31 crore.
The complaint states that the agreement was finalised in December 2022 after discussions between the parties. As part of the transaction, Goyal allegedly paid around ₹1.45 crore through cheque and RTGS transfers towards the purchase of the land. Following the payment, he was reportedly permitted to use the factory premises for production-related activities while the formal transfer process was expected to be completed.
The Breakdown of the Deal
According to the complainant, substantial investments were subsequently made to make the industrial unit operational. He claimed that nearly ₹80 lakh was spent on repairing machinery, maintenance work and other infrastructure-related requirements. In addition, further payments amounting to approximately ₹1.30 crore were allegedly made on different occasions.
The complaint further states that finished goods worth more than ₹70 lakh were purchased and were to be adjusted against the overall consideration amount of the deal. Based on these investments and commitments, the complainant claims he proceeded with plans to establish manufacturing operations at the site.
However, the dispute allegedly began after property values in the area increased significantly. Goyal has alleged that the sellers subsequently attempted to alter the original terms of the agreement. According to the complaint, he was later informed that the land had been mortgaged to a bank and therefore could not be legally transferred through a registered sale deed.
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Eviction Threats and Broken Promises
The complainant alleges that when he objected to the change in circumstances and sought clarification regarding the payments already made, he faced pressure to vacate the factory premises. He has further alleged that threats were issued against him when he continued to pursue the matter and sought enforcement of the original understanding.
As tensions escalated, Goyal claims he was compelled to vacate the industrial unit in June 2023. Thereafter, discussions reportedly took place regarding the return of the money already invested in the project. According to the complaint, the accused assured him that a sum of ₹4,25,77,531 would be refunded.
Despite the alleged assurance, the complainant claims that the amount was never returned within the agreed timeline. The failure to recover the funds ultimately led him to approach the authorities and seek legal action against the individuals involved.
Risk Mitigation and Police Investigation
The case has drawn attention to the risks associated with large-scale industrial property transactions, particularly where significant investments are made before ownership transfer formalities are completed. Legal experts note that thorough due diligence regarding land ownership, mortgage status, bank liabilities and title verification remains critical before entering into high-value commercial agreements.
Police officials have confirmed that a case has been registered on the basis of the complaint and that an investigation is underway. Investigators are examining financial records, banking transactions, payment documents and other materials related to the proposed deal. Authorities are also reviewing the contractual understanding between the parties to determine the nature of the dispute and whether criminal liability is established.
Officials stated that all aspects of the matter are being examined and that further action will be taken based on documentary evidence, financial records and statements gathered during the investigation. The case remains under investigation, and authorities are continuing efforts to establish the complete sequence of events surrounding the disputed industrial property transaction.
