Ghaziabad | A major alleged real estate fraud involving approximately ₹29.41 crore has surfaced in Raj Nagar Extension, Ghaziabad, where police have registered an FIR against 10 individuals associated with a builder group following complaints from 39 investors.
According to the complaint, investors were persuaded to book residential flats and commercial units in the ASR Central Avenue and Elite Homes projects. The accused allegedly collected crores of rupees through booking amounts and instalment payments but neither completed the projects nor handed over possession within the promised timeline. The complainants further alleged that repeated assurances were given instead of refunds.
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The FIR was registered at Nandgram Police Station on the complaint of Raj Nagar Extension resident Sanjay Garg, who alleged that he alone invested nearly ₹1.17 crore through bank transfers and cash payments. He claimed that 39 other investors also paid substantial sums into the projects.
Police said the projects were widely promoted with attractive promises to encourage investments. According to the preliminary allegations, the accused acted in conspiracy to collect money from investors and subsequently failed to fulfil their contractual commitments.
Those named in the FIR include Sandeep Kumar Gupta and P.K. Gupta, directors of ASR Realtech; Varun Makkar, director of Right Earth Infra; sales representative Deepak Sharma alias Nitin Sharma; and Renu Singhal, Ankur Singhal, Shivani, Sarika, Surbhi Sharma and Mansi Sharma.
Investigating agencies are examining financial transactions related to the projects, bank accounts, utilisation of investors’ funds and company records. Authorities are also trying to determine whether the money collected from buyers was invested in the projects or diverted elsewhere.
Police said that although 39 investors have filed complaints so far, more affected buyers may come forward during the investigation. As a result, both the number of victims and the total value of the alleged fraud could increase.
Commenting on such financial crimes, renowned cybercrime expert and former IPS officer Prof. Triveni Singh said investors should carefully verify a project’s statutory approvals, the developer’s financial background and the transparency of payment mechanisms before investing in real estate. He noted that organised financial frauds often involve multiple companies, bank accounts and layered documentation to complicate the money trail, making timely financial audits and digital forensic analysis crucial in uncovering such schemes.
Police said the investigation is underway, and further legal action will be taken based on documentary evidence, financial records and other material collected during the probe. The allegations remain under investigation, and the guilt or liability of the accused will be determined through the legal process.
