Rahul Gaur, the son of real estate group Gaursons' chairman BL Gaur and his wife Navneet, have been charged 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 told news agency Press Trust of India.
The Bank of Baroda has alleged in a complaint that Rs 80 crore were disbursed by the banks, but the project was left in the lurch in its initial stages, the officials told PTI.
It is claimed 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 told Press Trust of India.
The account had turned a non-performing asset (NPA) in 2015 with Rs 80 crore outstanding, they added.
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