Top Real Estate Executives Face FIR Over Massive Fraud Allegations

An FIR has been lodged against nine individuals, including top leaders from IREO Group and Oberoi Realty Limited, citing allegations of fraud, cheating, and forgery. The complaint from Advance India Projects Limited alleges that the IREO Group embezzled substantial funds and deceived investors since 2013.

An FIR was registered against nine high-profile individuals, including IREO Group Managing Director Lalit Goyal and Oberoi Realty Limited Chairman and Managing Director Vikas Oberoi, under various sections of cheating, criminal breach of trust, and forgery, police confirmed on Sunday.

The FIR was filed following a complaint by Advance India Projects Limited (AIPL), which cited allegations of cheating, criminal breach of trust, and forgery against the accused, officials said.

According to the FIR, IREO and Oberoi Realty allegedly conspired to defraud investors who had contributed funds since 2013. In its complaint, AIPL claimed that IREO Group embezzled approximately Rs 1,777 crore and sent it abroad, with about Rs 1,376 crore recovered as advances from allottees. AIPL further alleged IREO collected around Rs 400 crore from 70 allottees in the Grand Hyatt Residency Project as part of this scheme.

Multiple cases have been lodged against IREO Group, and the Enforcement Directorate has investigated these matters, leading to the arrest of the group's chief director, Lalit Goyal. Consequently, the project was halted, and cases were filed on behalf of the allottees in various courts.

The FIR also pertains to the same project for which Oberoi Realty recently announced a joint venture with IREO in the Delhi-NCR luxury segment. The claim underscores deliberate conspiracy by IREO and Oberoi to deprive investors and defraud AIPL, which had made substantial progress to resolve pending litigation.

''After resolving various issues with AIPL, IREO's deal with Oberoi Group was in bad faith and violated existing terms. This resulted in AIPL incurring losses worth thousands of crores,'' the complaint added.

A case has been registered against nine individuals under multiple sections of the Indian Penal Code (IPC), including criminal breach of trust, cheating, forgery, and criminal conspiracy, authorities confirmed. Investigations are ongoing, and arrests will be made after verifying the facts, a senior police officer stated.