The Central Bureau of Investigation (CBI) has reserved Rahul Gaur, the son of the real estate group Gaursons’ chairperson BL Gaur, and his wife Navneet for allegedly cheating on the Bank of Baroda (BoB) and the Syndicate Bank of Rs 80 crore.
The company owned by Rahul Gaur, Brys International Private Limited, had borrowed Rs 250 crore — Rs 150 crore from BoB and Rs 100 crore from Syndicate Bank — for the development of a high-end residential complex comprising 291 luxury apartments in Noida ‘s Sector 150.
The total loss in this case is Rs 80 crore, according to the Agency’s first information report (FIR).
According to the complaint lodged by Bank of Baroda, buyers should have credited the initial deposits to the escrow account but it was not done.
“The project was abandoned by the borrowers at the initial stage, and the account turned NPA on 31.12.2015. It is also alleged that the accused persons referred to above have diverted the funds according to their convenience rather than using them for the purpose for which the credit facilities were obtained, “he said.
The document stated that the forensic audit of the company’s account showed a round-trip and diversion of funds, an opaque functioning and a misappropriation of the facts.