In the high-stakes world of real estate, a promise can turn into a legal nightmare. A recent decision by a Gurgaon sessions court brought this grim reality into sharp focus. The court has rejected the anticipatory bail plea of the former CEO of Ocean Seven Buildtech Pvt Ltd (OSBPL), Sanjeev Kumar. This is a massive fraud case. The alleged fraud, which spans over a decade, involves cheating and forgery amounting to Rs 5.7 crore. This case is a stark reminder of the risks homebuyers and investors face. It underscores the severity of a growing problem known as Gurgaon real estate fraud.
The Anatomy of the Deception
Complainant Amit Rastogi brought the case forward. He alleged that OSBPL promoters and senior executives, including Kumar, induced his family to invest a sum of Rs 2.87 crore back in 2013. The family made the initial investment under the promise of “lucrative returns” from the company’s Expressway Towers project in Sector 109. Over the years, despite repeated assurances from the company, OSBPL allegedly failed to fulfill its commitments. Consequently, the total amount, with accrued interest, has now ballooned to Rs 5.7 crore. This kind of long-term deception is a hallmark of complex cases of Gurgaon real estate fraud.
The complexity of the alleged crime became clear during the court proceedings. In May 2022, OSBPL attempted a settlement. As part of a compromise, the company allotted seven flats in its Expressway Towers project to Rastogi’s family. This seemed like a resolution. However, Rastogi later made a shocking discovery. He found that most of these flats were already sold to third parties, allegedly through forged documents. When he confronted the company, he was met with threats of dire consequences. A police investigation later confirmed that the same flats had been allotted earlier through official draws. This use of double-allotment and forged documents is a sophisticated tactic in many instances of Gurgaon real estate fraud.
The Court's Uncompromising Stance
The court proceedings revealed that Sanjeev Kumar was not a passive participant. The public prosecutor informed the court that Kumar was an authorized signatory for the company. He also signed key settlement documents. Kumar’s counsel argued that he had resigned from OSBPL in April 2024 and was ready to cooperate with the investigation. The court, however, was not convinced. The judge noted that at least two more criminal cases are pending against Kumar in Gurgaon police stations in this matter. In addition, custodial interrogation was necessary to uncover the larger fraud.
The sessions judge, Vani Gopal Sharma, rejected the bail plea on Monday after detailed hearings. The complainant and the state prosecutor strongly opposed the bail request. The court observed that similar frauds were committed on other investors. Granting anticipatory bail would have prejudiced the ongoing investigation. The judge delivered a powerful statement. She noted, “The practice of settling with one complainant to escape wider liability cannot be encouraged”.
A Precedent for Accountability
This ruling sends a strong message to developers and executives. It signals that partial settlements will not be seen as a way to avoid full legal accountability. The case adds to the growing number of real estate fraud cases in Gurgaon. In these cases, buyers have accused developers of duping them through forged allotments, delayed projects, and false promises. The decision is a small victory for homebuyers in a city where such fraudulent activities have become a significant concern. It highlights the need for a robust legal framework and stricter enforcement to combat Gurgaon real estate fraud.
The ongoing investigation is expected to uncover more details about the larger network behind the fraud. This case serves as a cautionary tale for investors. It shows that even with a settlement in place, it is crucial to verify every document and detail. The legal system is now a critical arena for resolving these disputes. However, the ultimate responsibility lies in preventing them from happening in the first place. Better regulation and due diligence are key. This landmark ruling is a step in the right direction. It provides some hope to the countless victims of Gurgaon real estate fraud.
Source – TOI
