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FIR filed against IREO estate executives, Oberoi Realty for cheating & fraud

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Gurugram, June 10 (IANS) Following the local court directions, Gurugram Police has booked the managing directors of Oberoi Realty Limited and IREO Group, Vikas Oberoi and Lalit Goyal and others on a complaint of cheating, criminal breach of trust and forgery filed by another company AIPL, an official said on Monday.

The FIR registered under sections 471, 468, 467, 420, 409 and 120-B of the Indian Penal Code at DLF Phase-II police station is pertaining to the same project for which Oberoi Realty Limited had recently informed the stock exchanges of its entry into Delhi NCR luxury segment by entering into a joint venture with IREO.

Beside Oberoi and Goyal, the police have named Rajendra Kumar Yadav, S. K. Aggarwal, Anupam Nagalia, Directors, IREO Residences Company Private Limited, Pankaj Duggar, the CEO of IREO Hospitalities, Oberoi Realty Limited through its directors, Bhaskar Kshirsagar, the Company Secretary of Oberoi Realty Limited and Saumil Ashwin Daru, Executive Director of Oberoi Realty Limited, as the accused in the FIR.

According to the FIR, accessed by IANS, IREO Residences Company Private Limited took up the project of development of a residential colony on land measuring approximately 17.224 Acres (Said Land) in village Ghata, Sector-58, Gurugram.

The FIR said that the company had taken up this project from another company, Commander Realtors Private Limited, who had the approval for setting up the residential colony on the said land from the Directorate of Town and Country Planning, Haryana.

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“Having so taken up the above-mentioned residential project, the company partnered with many other companies /investors, besides collecting money from proposed buyers in the shape of booking advance. In this manner, the company through its functionaries collected over Rs. 124 Crores from prospective home buyers and overall, they have managed to collect about Rs.400 Crores, other sources included,” read the FIR.

The FIR further outlined that despite these collections, the company allegedly failed to progress the project satisfactorily, leading to multiple legal challenges from home buyers, including a notable case and petitions under the Insolvency and Bankruptcy Code before the NCLT.

The complainant further in the FIR alleged that caught in litigation and unable to proceed with the project, Lalit Goyal and Pankaj Duggar, on behalf of IREO, approached Advance India Projects Limited (AIPL), in July 2020.

They requested AIPL to take over two troubled projects, including the Grand Hyatt Residences in Gurugram, under a Memorandum of Understanding (MoU) signed on March 2, 2021.

The FIR alleged that IREO misled AIPL by presenting the Grand Hyatt Residences project as viable, despite financial difficulties and ongoing litigation. Acting on these representations, AIPL committed significant resources, incurring losses of approximately Rs 1000 crore, while IREO allegedly manipulated the situation to avoid insolvency and legal repercussions.

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“Complainant incurred liability under the MOU to pay/provide property to prospective buyers, besides which, the Complainant engaged KNM Partners, a reputed law firm for carrying out the process of due diligence. The Complainant further spent its resources on streamlining the project, and in the process, incurred huge expenditures. In addition to the above, the Complainant expended resources, money, workforce and time and energy on the project,” the FIR read.

Moreover, the FIR claims that IREO did not facilitate the due diligence required by the MoU and continued negotiations with other developers, breaching the terms of the agreement and causing substantial financial and reputational damage to AIPL.

“The various acts that were to be performed by the company which they intentionally refrained from in pursuance of the criminal conspiracy hatched by the company including lack of cooperation in getting the due diligence completed, are inter-alia, enumerated hereunder: Facilitating settlements with dissenting/aggrieved customers in terms of Clause 9 of the MOU. Facilitating release of various title deeds pertaining to the Project Land lying in the custody of the Shared Security Custodian in terms of Clause 6(h) of the MOU,” read the FIR.

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This comes after the Enforcement Directorate (ED) Gurugram Zonal office in May had provisionally attached properties valued at Rs 58.93 crore under the Prevention of Money-Laundering Act (PMLA) belonging to IREO Group of companies and others which is alleged to have siphoned off Rs 1780 crore of homebuyers’ money. The attached properties include land parcels and bank accounts.

The financial probe agency had initiated an investigation on the basis of multiple FIRs registered against real estate company IREO Pvt. Ltd., associated entities, its directors, key managerial persons and others at various police stations across Gurugram, Panchkula, Ludhiana, and Delhi etc.

ED investigation had revealed that they duped the innocent buyers by promising them to deliver flats/ plots/ commercial spaces etc., however, they neither delivered the projects nor returned the buyer’s money.

It had said that rather, they sent such money outside of India in the form of buy-back of shares, redemptions, FCDs etc. and giving loans and advances to associated entities/persons, giving excessive incentives and advances to key managerial persons.

“The buyer’s money has also been diverted to other companies, which was identified during the investigation. The total Proceeds of Crime identified in the case is Rs1780 Crore,” the ED had official.

–IANS

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Defence Ministry: Year 2025 will be year of reforms

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rajnath singh with armed forces chief

On Wednesday, the Defence Ministry announced that 2025 will be designated as the “Year of Reforms,” with a primary focus on establishing integrated theatre commands to enhance collaboration among the three branches of the military.

These reforms are aimed at transforming the armed forces into a technologically advanced, combat-ready force capable of executing multi-domain integrated operations, the ministry stated.

The initiative will emphasize emerging domains such as cyber and space, alongside cutting-edge technologies like artificial intelligence, machine learning, hypersonics, and robotics.

Defence Minister Rajnath Singh described the “Year of Reforms” as a pivotal milestone in the modernization of the armed forces.

“It will set the stage for significant advancements in the nation’s defense capabilities, ensuring the security and sovereignty of India in the face of 21st-century challenges,” he said.

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A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning

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A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning, according to the Institute of Seismological Research (ISR).

The district administration reported no casualties or property damage following the quake.

The tremor occurred at 10:24 am, with its epicenter located 23 kilometers north-northeast (NNE) of Bhachau, as per the Gandhinagar-based ISR.

Last month, the region experienced four seismic events exceeding a magnitude of 3, including a 3.2 magnitude tremor just three days ago, with its epicenter also near Bhachau.

Earlier tremors in the area included a 3.7 magnitude earthquake on December 23 and a 3.2 magnitude event on December 7, according to ISR reports.

Kutch was also jolted by a 4.0 magnitude earthquake on November 18, 2024. On November 15, a 4.2 magnitude quake hit Patan in north Gujarat, based on ISR data.

Gujarat is considered a high-risk earthquake zone, having experienced nine major earthquakes over the past 200 years, according to the Gujarat State Disaster Management Authority (GSDMA). The 2001 earthquake in Kutch, which occurred on January 26, was the third-largest and second-most destructive in India in the last two centuries, according to the GSDMA.

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Diljit Dosanjh faces legal action over concert songs

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Singer and actor Diljit Dosanjh’s much-anticipated New Year’s Eve concert in Ludhiana faced legal hurdles after a complaint was filed by Punditrao Dharenavar, an assistant professor from Chandigarh.

Following the complaint, the Deputy Director of the Women and Child Department, Government of Punjab, issued a formal notice to Ludhiana’s District Commissioner, urging them to prohibit Dosanjh from performing specific songs during his live show on December 31, 2024.

The notice specifically targets songs accused of promoting alcohol, including Patiala Peg, 5 Tara Theke, and Case (Jeeb Vicho Feem Labbiya), even if the lyrics are slightly modified. The complaint points to previous warnings issued to Dosanjh by various commissions advising against performing these controversial tracks.

Despite these warnings, the singer allegedly continues to perform the songs with minor alterations. Dharenavar raised serious concerns about the influence of such music on young audiences, especially when minors are present at live events.

Adding to the controversy, Dharenavar referenced a 2019 Punjab and Haryana High Court ruling, which directed law enforcement to ensure that songs promoting alcohol, drugs, or violence are not played at public events, including concerts. This ruling underscores the legal basis for the complaint and has further intensified the scrutiny surrounding the event.

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UP Minister’s convoy overturns, 5 person injured

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UP Minister’s convoy overturns, 5 person injured

Five people sustained injuries when a vehicle in the convoy of Uttar Pradesh Minister and Nishad Party chief Sanjay Nishad overturned into a ditch near Januan village in the Khejuri Police Station area of Ballia district late last night.

Sanjay Nishad shared details of the incident, stating that the accident injured five party workers, including four women.

“I was traveling with the convoy to participate in the Constitutional Rights Yatra organized by the party on Tuesday night. Near Januan village in the Khejuri area, one of the vehicles following the convoy lost control while trying to avoid an animal and overturned into a ditch,” Nishad explained.

The injured individuals have been identified as Rakesh Nishad, Ramrati, Usha, Geeta, and Iravati Nishad.

Senior police and administrative officials quickly arrived at the scene following the incident to oversee the situation.

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Suchir Balaji’s mother alleges Murder

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Suchir Balaji’s mother alleges Murder

The mother of Suchir Balaji, a 26-year-old former OpenAI researcher found dead after accusing the company of copyright violations, has alleged that her son was “murdered” and called for a Federal Bureau of Investigation (FBI) probe.

Poornima Rao, Suchir’s mother, claimed her son’s death was a “cold-blooded murder” that authorities wrongly ruled as suicide. She further disclosed that a private autopsy report conflicted with the findings of the initial police investigation.

Rao alleged that her son’s apartment had been “ransacked” and cited evidence of a struggle in the bathroom, including bloodstains that suggested he had been assaulted.

“We hired a private investigator and conducted a second autopsy to uncover the truth. The private autopsy does not confirm the cause of death stated by the police. Suchir’s apartment was ransacked, there were signs of a struggle in the bathroom, and it appears he was hit based on blood spots. This is a cold-blooded murder being misclassified as a suicide. Lobbying in San Francisco won’t deter us from seeking justice. We demand an FBI investigation,” Rao wrote on X.

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Elon Musk reacted to Rao’s post, commenting, “This doesn’t seem like a suicide.”

Balaji was discovered dead in his San Francisco apartment months after accusing OpenAI of violating copyright laws during the development of ChatGPT, as reported by Fox News. Despite these claims, the San Francisco Police Department found no evidence of foul play and ruled the death a suicide.

On October 24, shortly before his death, Balaji voiced doubts about the “fair use” defense in generative artificial intelligence. “I recently participated in a NYT story about fair use and generative AI, and why I’m skeptical ‘fair use’ would be a plausible defense for a lot of generative AI products,” he wrote on X.

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