Developers booked for diverting housing project funds

Developers booked for diverting housing project funds
29/06/2018 , by , in News/Views

Two developers were booked for diverting funds after a complaint was filed at Kasna police station by Yamuna Authority following an inspection. The case was registered against Greenway Infrastructure Pvt Ltd and SDS Infracon Pvt Ltd.
According to YEIDA inspector Gajendra Singh, Greenway was given a 101-acre land, while SDS Infracon was given 124-acre land to develop housing societies in Greater Noida where a number of people had invested for the upcoming property.

Later, the Authority started receiving complaints from homebuyers about slow project work. YEIDA formed an audit committee which conducted an on-the-spot inspection of the two projects and found them at fault. “The audit team found that Greenway had received Rs 173.10 crore from its investors. However, the amount was diverted to two other companies,” the FIR read.

The committee found that SDS Infracon had received Rs 182.44 crore from investors. The developer said that it had diverted the amount to three other companies. This developer too did not open an escrow account as directed by the Authority. The developer’s five instalments for land allotment to Authority amounts to Rs 379.84 crore, which remains due.

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