Millennium Post

Property dealer accused of duping hundreds

In a shocking revelation of misrepresentation of facts, impersonation and cheating, a city builder has been accused of duping investors of nearly Rs 15-20 crores.
Arun Kumar Ghai, the accused is majority shareholder and in-charge of  Urbtech India Developers Private Ltd.

As per allegations, Ghai had launched a fictitious project named UTC Trade Centre at B-35, Sector-132, Noida, under the banner of Urbtech. However, subsequent inquiries showed that no site plan for the project was ever submitted.

The market value of the project is estimated to be approximately Rs 500 crores. According to a complaint filed by Manoj Kumar Goel, one of those who had invested in the project, Ghai’s company had published full page advertisements in leading national dailies about the upcoming project that will include commercial, retail and office spaces.

Goel has also alleged that Ghai had assured him that the land had been purchased by his company in February 2013 and that the mandatory approval of site plan and other necessary approvals had already been obtained from the concerned authorities.

The complaint states that after paying the booking amount of Rs.99,028 to Ghai’s company, Goel visited the project site and found that the project was a fictitious one and the company had not even purchased the land.

Now, more than 100 of those who had invested in the plot, have formed an association by the name of Urbtech Victims Association and mentioned in their written complaint to the police that Arun Kumar Ghai or Urbtech India Developers Private Ltd is yet to buy the land for the project for which they have already taken money.

They have further said that no mandatory approvals of site plans or any government sanction has been obtained by anybody till date and the company and Ghai are duping people into investing in the property without any legal rights to do so.
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