A day after it came to light that global conglomerate SRAM & MRAM Group has pulled out its ₹700-crore investment committed to the Gupta Builders and Promoters (GBP) Group, a fresh FIR was lodged against the firm’s management following a complaint by several allottees.
The complainants alleged that the GBP Group promised them possession of various commercial and residential properties in 2016, but even after five years, there had been no progress.
“Allottees have invested nearly ₹1,500 crore, but have not got any property. Also, all their offices are locked in Mohali and the entire management is on the run,” stated the complaint.
“A case under Sections 406, 420 and 120-B has been registered against the management and we have initiated proceedings to arrest them,” said Onkar Singh Brar, station house officer, Zirakpur.
Meanwhile, an employee of GBP, Raj Sharma, said the group held a virtual meeting of all investors and managing director Satish Gupta on Thursday evening, where Gupta shared that he was in Dubai and will be back after two weeks. “They have not even paid salaries to employees for the past eight months,” he said.
The realty firm has several ongoing projects in Mohali. Camelia, offering both residential and commercial units, in Kharar, and GBP Centrum (commercial) in Zirakpur have been under construction since 2016.
{{/usCountry}}The realty firm has several ongoing projects in Mohali. Camelia, offering both residential and commercial units, in Kharar, and GBP Centrum (commercial) in Zirakpur have been under construction since 2016.
{{/usCountry}}At two other projects – Athens (residential and commercial) and Aeroze (residential) – both on the Airport road, construction has not progressed for years, and at a residential colony in New Chandigarh, where plots have been sold, construction has not even begun.
Over 2,500 people from Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, and several NRIs, have invested in these projects.