Real estate major Unitech Limited is in trouble. The economic offences wing of Delhi Police has booked the company and its officials for cheating, forgery, criminal breach of trust and criminal conspiracy.
The police move came on the directions of the court of additional chief metropolitan magistrate, New Delhi.
The action is consequent to a complaint made by a private company, Arpit Projects Ltd (APL), accusing Unitech of cheating and fraudulently inducing it to pay Rs. 20 crore as part consideration for sale of a hotel property in Gurgaon's Recreation Park Project.
APL had signed a memorandum of understanding with Gurgaon Recreation Park Limited (GRPL) for transfer of hotel block in the recreation park project in Udyog Vihar. GRPL, the special purpose vehicle incorporated by Unitech Limited and Sun Media for implementing the project, also accepted Rs. 20 crore as part consideration from APL.
As per the FIR registered on April 11, 2012, no steps were taken by GRPL and Unitech to execute the sale/conveyance deed, which was required to be done within 60 days as stipulated in the MoU or within the extended period. "The accused fraudulently misrepresented to APL that GRPL had a good, clear, marketable and absolute title in the property in all respects and the property could be sold without any hindrance. The accused are now not only refusing to perform their part of the agreement, but also illegally retaining the sum of R20 crore…,'' said the FIR.
APL also alleged in its complaint that the accused were out to sell the property to another buyer. The FIR also mentions the name of an official of the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), since it is a joint venture partner in the project and a stakeholder in GRPL. While Unitech has termed the allegations as "malicious and baseless", HSIIDC said they never gave any permission for signing of MoU. “The dispute was merely between Arpit Projects and Unitech. HSIIDC, a joint venture partner in the project, is a proforma party in the case,'' said an official.