New Delhi The Government has made its stand clear, that no mercy will be shown to wilful defaulters and fraudulent builders . Earlier this week, on the basis of Preliminary Investigation report sent to the Ministry of Corporate Affairs (MCA), the Government has ordered probe into the books and records of Intellicity Business Park Ltd by the Regional Director, Delhi NCR.
According to ministry sources, the probe was ordered on April 9th and is being conducted by the Regional Director, Delhi NCR. MCA has asked the Regional Director to expedite the probe and submit a report early. The Intellicity Business Park Ltd, headquartered in Noida, has a significant presence in Delhi NCR.
Earlier, on the basis of a complaint by one of the Directors of Intellicity Mr. Anil Sutar, the ministry of corporate affairs (MCA) ordered an initial probe as the builder company was alleged to have siphoned off funds. The ministry had started a preliminary investigation into the builder’s books and submitted its report to the Ministry. The report was placed before the oversight committee earlier this week and Investigation was ordered.
It has been alleged in the complaint that Intellicity Directors Vikas Bhagat and Manoj Chaudhary were primarily responsible for siphoning off public funds of over 200 crores in disguise of commissions, loans and investments.
According to officials, the builder had sold the project on condition of assured return, but stopped payments to investors midway. “There are serious charges of misconduct and huge funds have been misappropriated by the company offcials. The Investigation would have been handed over to Serious Fraud Investigation Office (SFIO), but it was already overburdened” a ministry official said.
In November last year, the Greater Noida bench of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) had ordered a forensic audit of financial data of Intellicity Business Park, a 25-acre commercial project in Greater Noida.