Jagran correspondent, Noida. NCLAT had entrusted the responsibility to Suraksha Realty Builder to get the possession of 20 thousand flat buyers of JIL (Jaypee Infratech Limited) by completing the construction of their flats soon. All five townships (LFDs) including the Yamuna Expressway from Greater Noida to Agra were handed over from JP to Suraksha Builder.
Buyers were hopeful that with this decision the construction of the incomplete flats would be completed soon and they would be able to take possession. Suraksha Builder started recovering the outstanding amount from the buyers by charging huge interest on it. Buyers paid the money in the hope that they would get the flats soon. Not only this, the security builder is also collecting money from toll on Yamuna Expressway.
He took a huge amount of money by booking flats on the vacant land received from JP. Money was also collected by taking additional FAR, but Suraksha also started the same work which Jaypee Infratech did and cheated the buyers. Instead of taking money from buyers and investing it in related incomplete projects, he started using it to complete his other projects. Suraksha Realty is also stuck due to this. ED has filed a case against Suraksha Realty in EOW (Economic Offenses Wing) Delhi under various sections including fund diversion, cheating buyers. The buyers are demanding that the ED should get the project completed with the seized amount and the money deposited in the company's account.
Security diverted the money. The troubles of 20 thousand buyers have increased further. About 22 thousand houses were to be built in JIL's projects and security was to be given to the buyers. Till now 20 thousand buyers have not got the house. Yamuna Authority had made a claim of about six and a half crores when Jaypee Infratech went to NCLT.
In this, Rs 1689 crore was claimed for distribution of 64.7 percent additional compensation to about ten thousand farmers affected by the land acquired for LFD of Yamuna Expressway and Jaypee Infratech, one in Noida, two in Yida area in Gautam Buddha Nagar and one each in Aligarh and Agra.
NCLT, while ordering the security resolution plan, had approved only Rs 10 lakh in March 2023, against which the Yamuna Authority had appealed in the NCLAT. While giving order in May 2024, NCLAT had ordered Suraksha Realty to pay Rs 1334.31 crore to YIDA in four installments. But till now this matter is under consideration of the government, YIDA has also filed a petition in the Supreme Court against the decision of NCLAT.
Let us tell you that after taking the handover of the project, Suraksha received Rs 125 crore from JIL. Suraksha diverted funds worth Rs 342 crore to the company of his acquaintances. It is in the name of the son-in-law of the director of company security. To complete the project, Suraksha had to take a loan of Rs 3,000 crore within 90 days, which was not taken.
An appeal has been filed in NCLT demanding inclusion of buyers in the committee. JIL Real Estate Allottee Welfare Association President Ashish Mohan Gupta said that Suraksha had earlier given an affidavit that he had Rs 2,000 crore in his account. The construction work here was being completed with the money coming from Yamuna Expressway toll.
There was hardly any work being done by the company. After the ED action, huge evidence of fund diversion has been found. The association demands that the ED should invest the amount deposited in the company's account and the seized money to complete the project.
Also read- FIR against Suraksha Realty and Lakshyadeep Investments, misuse of funds received to construct incomplete flats of Jaypee Infratech.