Ghaziabad: A suspected ₹30 crore real estate fraud case has surfaced in Ghaziabad, Uttar Pradesh, where builders associated with the ASR Central Avenue Project have been accused of allegedly cheating investors by collecting money for flat bookings but failing to provide possession or refund the invested amount. Based on complaints from around 40 investors, police have initiated an investigation into the matter.
The case is linked to the Nandgram police station area, where a complaint was registered against builder Sandeep Kumar Gupta, Varun Makkar associated with Right Earth Infra LLP, and others. Investors have alleged that they were collectively cheated of around ₹30.56 crore after being assured flats in the housing project.
According to the complaints, investors were attracted by promises of modern facilities, timely completion of the project and early possession of flats. Based on these assurances, they deposited large amounts at different stages of the project. However, they later faced difficulties related to project progress, flat delivery and recovery of their money.
Several complainants alleged that despite repeated attempts to contact the builder group, they did not receive satisfactory responses. Investors claimed that neither were flats handed over to them nor were their deposited amounts returned. Following this, they approached the police seeking legal action against those responsible.
During the initial investigation, investors also raised concerns over the sections applied in the First Information Report (FIR). They alleged that the seriousness of the financial fraud was not properly reflected and demanded stronger legal action considering the scale of the alleged losses.
Following these complaints, authorities reviewed the matter and examined the investigation process. After certain shortcomings were reportedly found in the handling of the case, departmental action was initiated against several police personnel at Nandgram police station. Officials said that negligence in cases involving major financial crimes would not be tolerated.
Police are now examining documents related to the project, investor agreements, payment records, bank transactions and other evidence to determine the flow of funds and the role of different individuals involved in the alleged irregularities.
The investigation will focus on how money was collected from investors, the actual status of the housing project, whether there were any financial irregularities and whether the accused persons misrepresented facts while accepting payments.
Real estate experts said that buyers should conduct detailed verification before investing in housing projects. This includes checking the builder’s background, project approvals, land ownership documents, regulatory registrations and financial credibility. In several cases, fraudsters use attractive offers, low prices and promises of quick possession to attract investors.
Experts also highlighted the importance of maintaining complete records in property-related transactions. Payment receipts, agreements, communication records with builders and other documents can play a crucial role in legal proceedings if disputes arise.
The case has also raised concerns among property buyers regarding transparency and accountability in real estate transactions. Investors have demanded strict action against those found responsible and recovery of their hard-earned money.
Meanwhile, police continue to investigate the matter. The final extent of the alleged fraud, the total amount involved and the responsibility of individuals connected with the project will become clear after completion of the investigation.
