The CEO of a prominent real estate firm in Gurugram has been arrested under allegations of defrauding several lawyers out of ₹6 crore. Puneet Beriwala, the 62-year-old head of Vipul Limited, was apprehended on Friday and subsequently remanded to two days of police custody. This incident has raised concerns regarding the financial practices within the real estate sector, underscoring the need for vigilance among investors.
The allegations surfaced following a complaint filed on October 1 of last year, wherein a group of lawyers claimed they had invested a substantial amount in Vipul Limited, enticed by promises of lucrative returns on a purported project. After the funds were transferred, the lawyers reported that Beriwala ceased communication and failed to return their investments, prompting them to seek legal recourse. Their grievances culminated in a public protest outside a local venue in August, where they demanded accountability and action against Beriwala.
In response to the complaint, law enforcement officials registered a First Information Report (FIR) at the Shivaji Nagar police station, targeting Beriwala and two associates, Sunil Bhandari and Praveen Gupta. The investigation has been entrusted to the Economic Offences Wing (EOW-2) of the police. Following his arrest, Beriwala disclosed to authorities that the funds were diverted to other projects, a claim that has prompted further scrutiny of his financial dealings.
Authorities are currently conducting interrogations and raids to apprehend Beriwala's associates, with the police spokesperson indicating that the inquiry is ongoing. The case has highlighted significant concerns regarding investor protection within the real estate industry, as well as the necessity for robust regulatory frameworks to prevent such fraudulent activities in the future. As the investigation unfolds, it remains crucial for stakeholders in the real estate sector to remain vigilant and informed about their investment options.