Police file chargesheet against Noida-based builder for Rs 1,300 crore property scam

Police file chargesheet against Noida-based builder for Rs 1,300 crore property scam

HIGHLIGHTS

  • Police file chargesheet in fake property scam case against Greater Noida builder
  • Noida-based builder Satindar Singh Bhasin was earlier arrested on charges of fraudulently selling properties to homebuyers
  • Bhasin's wife Quincy and father JS Bhasin set up around 25 shell companies to dupe homebuyers

The Noida police on Monday filed a chargesheet in a district court against the promoter of Grand Venice Mall in Greater Noida for scamming people, state government and banks to the tune of Rs 1,300 crore.

Noida-based builder Satindar Singh Bhasin was earlier arrested on charges of fraudulently selling properties in the to several persons by setting up almost 25 shell companies, through which booking amount was collected.

According to the chargesheet, Bhasin's wife Quincy and father JS Bhasin were also involved in setting up the shell companies. The chargesheet also revealed that the Bhasins colluded with several influential officers from the Uttar Pradesh Development Authority for falsely acquiring land at Greater Noida Park for commercial purposes.

This allotted land at Site-4 of Greater Noida was assigned to the shell companies through which the booking amounts were received. During the course of the investigation, police found that Bhasin neither had the right to construct on the land nor sell property on the land.

The entire arrangement for cheating potential homebuyers was based on fake documents, added the chargesheet.
As per the chargesheet, Satinder Singh Bhasin cheated property buyers to the tune of Rs 700 crore while banks incurred a loss of 238 crore. Meanwhile, the UP government also lost Rs 258.16 crore due to the fraud.

The trio has been charged under several sections of the India Penal Code (IPC) and a total of 85 FIRs have been lodged against the prime accused Satinder Singh Bhasin.