CBI books son of Gaursons chairperson in bank fraud worth Rs 80 crore
According to the complaint filed by Bank of Baroda, the initial deposits by buyers should have been credited to the escrow account but it was not done.Updated: Aug 01, 2020 13:32 IST
The Central Bureau of Investigation (CBI) has booked Rahul Gaur, the son of real estate group Gaursons’ chairperson BL Gaur, and his wife Navneet for allegedly cheating the Bank of Baroda (BoB) and Syndicate Bank of Rs 80 crore.
The company owned by Rahul Gaur, Brys International Private Limited, had taken a loan of Rs 250 crore—Rs 150 crore from BoB and Rs 100 crore from Syndicate Bank—for developing a high-end residential complex comprising 291 luxury apartments in Noida’s Sector 150.
The total loss in the case is Rs 80 crore, according to the agency’s first information report (FIR).
According to the complaint filed by Bank of Baroda, the initial deposits by buyers should have been credited to the escrow account but it was not done.
“The project was abandoned by the borrowers at the initial stage itself and the account turned NPA on 31.12.2015. It is also alleged that the above mentioned accused company persons have diverted the funds as per their convenience instead of utilizing them for the purpose for which the credit facilities were obtained,” it said.
The document said that the forensic audit of the company’s account showed round-tripping and diversion of funds, opaque functioning and misrepresentation of facts.