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A Delhi-based investor has filed a complaint with the Economic Offences Wing of the Delhi Police against the directors of a real estate company, alleging that he has not received 26 flats from them despite a Rs 7.4 crore investment in 2011. In his complaint, Umesh Bajaj also alleged that a cheque he had received, under the understanding that he could encash it and complete work on the flats himself in case of default, had also bounced.
Following the complaint, a first information report (FIR) was filed on Wednesday under sections 406 (criminal breach of trust), 420 (cheating/dishonestly inducing delivery of property) and 120b (criminal conspiracy) of the Indian Penal Code.
Bajaj, in his complaint, said that initially, he had invested in a Kanpur property. However, company directors Amit and Sumit Khaneja, along with one S K Arora, allegedly persuaded him to cancel that investment and adjust the paid amount to invest in 26 flats on their Amritsar property – a total investment of Rs 7.4 crore in 2011.
According to Bajaj, in 2016, the flats were yet to be handed over to him and he found that flooring, fittings, woodwork etc. in the property were not complete. Neither were facilities such as common areas, swimming pools and an approach road. The company directors, Bajaj alleged, assured him that the work would be completed in a year and that he would be compensated by covering 50 per cent of the stamp duty at time of execution of sale deed.
None of this was done by 2018, Bajaj said in his complaint, adding that the company handed over physical possession and said they would pay 100 per cent stamp duty to avoid legal action. Bajaj also executed a settlement with the company after they took out a loan with the property as security, excluding himself from legal liability.
In 2019, the sale deed was executed but the company allegedly refused to pay the stamp duty, citing lack of funds. In his complaint, Bajaj said that he then obtained a cheque from the company worth Rs 4 crore that could be encashed to complete the project if the work was not completed by February 2020, but this cheque bounced. A case regarding this is currently pending before the Patiala House Metropolitan Magistrate, Bajaj said in the complaint.
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