Noida: Police will send a notice to Orris Group after registering an FIR over alleged fund diversion of Rs 1,000 crore from its Green Bay Golf Village project off the Yamuna Expressway.
The FIR was filed on a complaint by the YXP Authority for halting work at the project site — about 100 acres of land was allotted in 2011 at Sector 22D — under IPC Sections 420 (cheating), 467, 468 and 471 (both related to forgery), 120B (party to criminal conspiracy) and 409 (criminal breach of trust) and relevant sections of the Companies Act, 1956 at Beta 2 police station.
A senior officer told TOI that the builder would be issued a notice and asked to join the investigation to speed up the investigation in the pending forgery cases.
A recent audit by Yamuna Authority CEO Arunveer Singh found the realtor diverted nearly Rs 173 crore collected from the investors for the Green Bay project to different companies, including Agrasen Fincap Services Private Limited.
The Orris Group had failed to justify the transactions but obtained a ‘no coercive measures to be taken’ order from the court, Singh said. “We have directed the law department to initiate measures to vacate the decision.”
According to the Authority, the developer has dues worth over Rs 760 crore and is among its biggest defaulters in the group housing category.
In 2018, the real estate group landed in controversy after the Economic Offence Wing (EOW) of Delhi Police lodged an FIR against Greenbay Infrastructure and arrested the group’s chairman Vijay Gupta, following complaints by homebuyers.
In Sept last year, the income tax department also searched premises linked to the developer — at least 10 offices and project sites — in Noida and Gurgaon over suspected tax evasion. Officials said the raids followed allegations that the company had diverted funds from its project off YXP and Greenopolis in Gurgaon’s Sector 89 to Dubai.
Homebuyers, meanwhile, have sought a CBI probe into the matter accusing the Yamuna Expressway Authority of allegedly sheltering the builder. “Diversion of funds by the realtor was first flagged in 2018 but Orris Group is yet to clear the Authority’s dues. The Authority didn’t follow up with the police or court,” Sushma, a homebuyer, said.
The FIR was filed on a complaint by the YXP Authority for halting work at the project site — about 100 acres of land was allotted in 2011 at Sector 22D — under IPC Sections 420 (cheating), 467, 468 and 471 (both related to forgery), 120B (party to criminal conspiracy) and 409 (criminal breach of trust) and relevant sections of the Companies Act, 1956 at Beta 2 police station.
A senior officer told TOI that the builder would be issued a notice and asked to join the investigation to speed up the investigation in the pending forgery cases.
A recent audit by Yamuna Authority CEO Arunveer Singh found the realtor diverted nearly Rs 173 crore collected from the investors for the Green Bay project to different companies, including Agrasen Fincap Services Private Limited.
The Orris Group had failed to justify the transactions but obtained a ‘no coercive measures to be taken’ order from the court, Singh said. “We have directed the law department to initiate measures to vacate the decision.”
According to the Authority, the developer has dues worth over Rs 760 crore and is among its biggest defaulters in the group housing category.
In 2018, the real estate group landed in controversy after the Economic Offence Wing (EOW) of Delhi Police lodged an FIR against Greenbay Infrastructure and arrested the group’s chairman Vijay Gupta, following complaints by homebuyers.
In Sept last year, the income tax department also searched premises linked to the developer — at least 10 offices and project sites — in Noida and Gurgaon over suspected tax evasion. Officials said the raids followed allegations that the company had diverted funds from its project off YXP and Greenopolis in Gurgaon’s Sector 89 to Dubai.
Homebuyers, meanwhile, have sought a CBI probe into the matter accusing the Yamuna Expressway Authority of allegedly sheltering the builder. “Diversion of funds by the realtor was first flagged in 2018 but Orris Group is yet to clear the Authority’s dues. The Authority didn’t follow up with the police or court,” Sushma, a homebuyer, said.
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