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New Delhi: Economic Offences Wing (EOW) of Delhi Police have conducted a preliminary inquiry on a complaint of cheating, disappropriation of fund, criminal breach of trust and criminal intimidation and registered an FIR under Sections 409/420/467/468/471/120B of Indian Penal Code against directors of VXL Realtors Private Limited.

EOW has registered the FIR on 25 April 2019 in response to a complaint by one Sanjay Sehgal. His complaint has been clubbed with similar complaints filed by two other persons – Rupesh Chandra Poddar and Bhuneshwar Keshri, in connection with the “French Arcade” at Kaushambi, Ghaziahad, in Uttar Pradesh.

Sanjay Sehgal informed the Police that he was looking for a residential flat and in this connection, he visited the office of VXL Realtors Pvt. Ltd. where he met the directors and had a discussion with them for the purchase of a flat in their French Arcade project at Kaushambi in Ghaziabad district of U.P.

During that meeting, according to Sehgal, the VXL Directors had told him that the company had launched the scheme to ensure the comfort of their clients. He was also told that the company would be paying the monthly installment for the housing loan till the time he took possession of the flat or 18 months, whichever was earlier. Sehgal and his wife were impressed by the scheme and agreed to book the flat. they were told that the total consideration amount of the flat measuring 1030 approx sq.ft. would be Rs. 55,62,5001- including all the facilities in the project. At this juncture, he paid the booking amount of Rs.5, 10,656.

The company has been promoting the VXL French Arcade project as a “seamless amalgamation of luxury, comfort and style blend to provide a truly sophisticated lifestyle. These Residential Apartments in Ghaziabad are beautifully planned keeping in mind the architecture which can soothe your senses whenever you step into your house after a tiring day from work. VXL French Arcade by VXL Realtors Pvt Ltd in Kaushambi strives for customer satisfaction and believes in building world-class projects without compromising on quality standards, innovation and timely delivery”.

After receiving the booking amount, Prabhjeet Singh and other directors allotted him the flat (No. F-A/1205, 12th Floor, French Arcade, Sector-14, Kaushambi Ghaziabad, U.P.). Thereafter, the Directors of the company insisted that Sehgal should apply for the home loan from Punjab national bank, their authorised bank. They also gave him the Demand Letter to advising them to submit it to PNB. The loan application was submitted on 16 September 2013 and a loan of Rs.44,50,0001- was sanctioned and Rs. 28,37,397 was disbursed in favour of VXL Realtors Pvt. Ltd. After the disbursal of the loan amount in favour of the builder, Sehgal was assured by the bank officials as well as the directors of VXL that the company would be paying the EMI to service the home loan till the possession of the flat and the loan amount would be used for the purpose of construction and completion of the project. As per the agreement, Prabhjeet Singh, the Director of VXL, started depositing the amount due as EMI in Sehgal’s bank account and on his part, he started paying to the bank on schedule. After some time, Prabhjeet Singh started paying the monthly EMI directly in his loan account maintained by PNB through his company account. Afterwards, the officials of PNB started approaching Sehgal for non-payment of EMI when the builder stopped making the payment.

When contacted and the matter was brought to his notice, Sehgal was told repeatedly by Prabhjeet Singh that the matter would be sorted out. But as matters drifted, the bank gave Sehgal a notice under Section 13(2) of Sarfasai Act.

The bank notice was followed by a notice/summon in September 2016 for appearance in the Patiala House Courts, New Delhi in a complaint case under Section 138 of Negotiable Instruments Act . The criminal complaint is pending before the Patiala House Court