FIR Filed Against Panchkula Couple in Multi-Crore Real Estate Fraud Scheme
A financial scam has been uncovered in Panchkula, involving a couple who allegedly defrauded multiple investors of over Rs 16 crore. The duo, identified as Sangeeta Dua and Nitin Dua, residents of Sector 8, Panchkula, have been accused of masterminding a complex real estate and financial fraud. The police have filed an FIR against the couple, marking the beginning of an investigation that could uncover widespread criminal activity.
According to the police complaint filed by two victims, Kuldeep Arora and Sumit Kumar, the Dues lured investors into their scheme by offering lucrative returns on investments in non-performing assets (NPAs) from a bank located in Panchkula and Karnal. The couple promised to purchase distressed properties at a significantly lower price, then sell them at a profit, with the promise of sharing these returns with the investors.
However, after initially paying out partial returns to gain the trust of their investors, the accused stopped repaying the invested amounts altogether. This led to the victims seeking help from the police, who then launched an investigation into the case. The FIR, which was registered at the Sector 7 police station, reveals a disturbing picture of manipulation and exploitation by the accused couple.
Through their alleged links with bank officials, the Dues identified properties owned by borrowers in default. They reportedly pressured these financially vulnerable borrowers into selling their properties at a fraction of their market value. Once the properties were acquired, the couple reportedly flipped them at their fair market price, pocketing the difference as profit. These activities were carried out under the guise of legitimate real estate transactions, but the true nature of the operation soon began to unravel as more victims came forward.
The victims allege that the couple used the money they collected from investors to purchase luxury properties, including a new kothi (house) in Chandigarh's Sector 35A. Furthermore, the couple allegedly used their political connections to intimidate the victims, preventing them from recovering their money or filing complaints with the authorities. The use of political influence is a troubling aspect of this case, as it highlights the lengths to which the accused allegedly went to protect themselves from scrutiny.
The investigation into the case is ongoing, and police are examining the possible involvement of employees within the bank who may have helped facilitate the fraudulent property deals. There are indications that bank officials may have leaked sensitive information about NPAs, which the Dues then exploited to their advantage. The police are working on uncovering these connections and bringing all those involved in the scam to justice.
The FIR registered under sections 316(2), 318(4), 338, 336(3), 340(2), 351(2), and 61(2) of the BNS, points to a well-organized crime involving a network of individuals. The police are urging anyone who has fallen victim to similar scams to come forward with information that could aid in the investigation. It is clear that this case is just the tip of the iceberg, and there may be more victims out there who have yet to come forward.
The case is expected to have far-reaching implications for the real estate sector in Panchkula and beyond. The use of non-performing assets in fraudulent schemes is a growing concern, especially as more and more individuals fall victim to unscrupulous operators. Real estate investors and homebuyers are being urged to exercise caution and conduct thorough background checks before entering into any investment agreements.