CBI recovers assets, property worth over Rs 50 crore during searches against real estate firm directors

The CBI has recovered cash, jewellery and documents of assets and property worth more than Rs 50 crore during its searches against directors and guarantors of real estate firm Gardenia India Limited booked for alleged bank fraud of Rs 109 crore, officials said Friday.

One of the accused in the case, builder Sanjeev Kumar, had jumped from his apartment in Sector 72 Gurugram when a CBI team had gone to arrest him, suffering injury in his leg, they said.

The agency has registered a case against directors/guarantors Sanjeev Kumar, Manoj Kumar Ray, Anupama Kumari, Poonam Kumar, Gardenia India Ltd and corporate guarantors Gardenia Shelters Pvt. Ltd and Futech Shelters Pvt. Ltd, they said.

It had conducted searches at six locations, including Delhi, Noida, Ghaziabad and Gurugram.

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During the searches at the premises of the accused on Thursday, the CBI recovered a cash of Rs 80.30 lakh (approximately), fixed deposits worth Rs 8.84 crore, gold bars and coins worth Rs 35 lakh, documents related to several properties worth Rs 38.86 crore and gold and diamond jewellery, the CBI spokesperson said.

He said the assets were allegedly acquired in New Delhi, Ghaziabad, Gurugram, Bengaluru and Hajipur (Bihar).

The accused had purchased properties worth Rs 36.50 crore in the last four years.

"Apart from said recovery, several property documents including large number of lands on lease in the year 2019 in Hajipur (Bihar) have also been recovered. Three Luxurious cars including Mercedes Benz; around 13 premium watches including Rado, Rollex, Longines, Bulgari, Swistar, Hublot, Emporio Armani, Ulysse Nardin and Omega and 19 premium pens including Mont Blanc, Waterman, Ferrari etc. were also found," the spokesperson said.

It is alleged that the builders allegedly committed bank fraud of approximately Rs 109.17 in the consortium of Union Bank of India (lead bank) and Corporation Bank (Corporation Bank now merged with Union Bank of India).

"The account of said private company was classified as NPA by Union Bank of India on December 31, 2015 and erstwhile Corporation Bank on July 02, 2014," the spokesperson said.

The builder and his firms which reportedly had a number of disputes with apartment buyers who staged protests against them had set the company in 2017 to develop real estate, officials said.

"The said borrower company had availed term loans from Union Bank of India and erstwhile Corporation Bank. Apart from personal guarantees provided by the directors of the company, corporate guarantee was also provided by two other private companies based in Delhi," the spokesperson said.

The banks found that loans extended by them to the company were diverted and collateral assets were allegedly disposed without informing the consortium, they said.

The accused allegedly avoided the project specified escrow/current accounts to divert sales proceed of collateral and loan funds to related parties, the officials said.

"The company had allegedly opened account in non-consortium bank in violation of terms and conditions and received huge amount in those accounts which were subsequently diverted. It was further alleged that company had not obtained the NOC from the lender banks before selling hypothecated flats and had misrepresented the financial figures and information which led concealing of material information from the bank," the spokesperson said.