Rahul Gaur, the son of real estate group Gaursons'chairman BL Gaur and his wife Navneet, have been booked by the CBI for allegedly cheating the Bank of Baroda and the Syndicate Bank to the tune of Rs 80 crore in the name of a high-end residential complex planned by their firm Brys International Private Limited, officials said on Friday.
The company had taken a credit of Rs 250 crore (Rs 150 crore from the Bank of Baroda, Rs 100 crore from the Syndicate Bank) for developing a high-end residential complex comprising 291 luxury apartments at Sector 150, Noida, they said.
The Bank of Baroda has alleged in a complaint that Rs 80 crore was disbursed by the banks, but the project was left in the lurch in its initial stages, the officials said.
It is alleged that the initial deposits by the buyers should have been credited to the escrow account but it was not done, they added.
A forensic audit of the company's account showed round-tripping and diversion of funds, opaque functioning and misrepresentation of facts, the officials said.
The account had turned a non-performing asset in 2015 with Rs 80 crore outstanding, they added.
Gaursons Says Rahul Gaur Not Associated with It for over a Decade
Gaurs group (erstwhile Gaursons) on Saturday said Rahul Gaur has not been associated with the group for over a decade and is running a separate company.
A statement from the company spokesperson cited a newspaper clipping of a public notice issued by the group's lawyer.
The notice said that Rahul Gaur has resigned from Gaursons India Ltd and its group companies, thereafter, none of the family members of Manoj Gaur and BL Gaur, directors, share holders, officers, employees have any business association or relation with Rahul Gaur or companies wherein he is having any right or interest.
The spokesperson said, "...he is not associated with group for over a decade now. He runs a separate company and whatever he has done is his personal/organisation capacity and Gaursons has nothing to do with it."