Zirakpur police on Sunday registered another case against Gupta Builders and Promoters Limited on the charges of cheating and criminal breach of trust.
The builders had around September this year gone missing after having cheated several investors and police said they have failed to locate any GBP promoters so far.
It was speculated that the accused had fled abroad. One of the promoters had also in September shared a video on social media claiming that he had gone to UK to find new investors for his projects.
On September 28, through an open letter via social media, one of group’s directors, Satish Gupta, had assured the investors that they were abroad to seek investments and had attributed the delay in completing the projects to the pandemic.
The company owns major housing and commercial projects in Zirakpur, Derabassi, and Kharar.
According to information, Ujjwal Sethi, a resident of Sector 45-A, Chandigarh had lodged a complaint with the police stating that the GBP group was developing a housing project in Ramgarh Bhudha village. Sethi in his complaint said that the company, however, had stopped construction midway.
“At least 70 people had taken home loans from banks and paid the money to the investors. But the promoters of the company fled after taking the money. The construction of the project was also stopped midway,” Sethi alleged in his complaint.
Acting on the complaint, police registered a case under sections 420 (cheating) and 406 (criminal breach of…