A major breakthrough has emerged in the investigation into an alleged ₹30.56 crore builder fraud involving flat and shop bookings in Raj Nagar Extension, Ghaziabad. Police have found that money collected from around 40 investors was allegedly routed through nearly 40 bank accounts before being transferred further and withdrawn, indicating a complex financial trail.
According to the Special Investigation Team (SIT), approximately ₹25 crore was transferred through multiple bank accounts, while nearly ₹5 crore of the total alleged fraud was reportedly collected in cash from investors during various booking transactions.
Investigators have also found evidence of substantial cash withdrawals from several of the accounts used in the transactions. The SIT believes that the funds deposited by investors did not remain in the original recipient accounts but were subsequently transferred to numerous other accounts before being withdrawn.
Police are now identifying the account holders and ultimate beneficiaries to determine where the money eventually went and how it was utilised. Investigators are examining banking records, financial transactions, and digital evidence to reconstruct the movement of funds.
The case relates to the ASR Central Avenue project in Raj Nagar Extension, where investors alleged they were cheated after paying for flats and commercial units. Meanwhile, affected investors continued their protest at the project site for the third consecutive day, demanding the arrest of those responsible and recovery of the allegedly defrauded money.
Police are treating the role of the main accused, Deepak Sharma alias Nitin Sharma, as central to the investigation. The SIT is also examining the possible involvement of Sandeep Kumar Gupta, Director of ASR Realtech Limited, and Varun Makkar, Director of Right Earth Infra LLP.
According to investigators, both builders have informed the police that the investors’ money was not deposited into their company accounts. In light of these claims, the SIT is analysing financial records and digital evidence to determine whether there was any conspiracy or coordination between the builders and the principal accused.
Investigators stated that action will be taken against all individuals found responsible once the financial analysis and identification of the beneficiaries are completed. The investigation remains ongoing.
