Surat: A major real estate fraud involving buyers allegedly cheated of over Rs 16.67 crore under the promise of affordable luxury flats and shops has come to light, with the Gandhinagar CID Crime registering a case against nine directors of Vikas Procon Company. The accused allegedly duped multiple buyers through a housing scheme named Vikas Ensemble in Parvat village and failed to provide either the promised properties or refunds.

According to the complaint, Bijeshkumar Dhirajlal Sudani (43), a textile businessman residing in Vijaynagar on Aai Mata Road near Parvat Patiya, came to know about the Vikas Ensemble project through a broker in 2015. The project, proposed at TP Scheme No. 19, Survey No. 48 in Parvat village, promised construction of 80 residential flats under an attractive scheme.

Sudani allegedly booked a 4,400 sq ft flat and paid Rs 57.50 lakh in cash. The builders reportedly acknowledged the amount through coded entries in rough notes and diaries signed by them instead of issuing formal documentation.

Investigators said that as land prices increased, the builders allegedly discontinued the residential project and later launched a commercial project named Vikas Textiles Hub. Sudani was allegedly persuaded to invest further after being promised three shops in exchange for one flat. He was also allegedly induced to book shops in another project, Golden Market, for which an additional Rs 10 lakh was collected.

Police said Sudani alone paid Rs 67.50 lakh, while 15 other buyers collectively invested nearly Rs 16 crore. The total alleged fraud amount stands at Rs 16.67 crore.

When buyers later sought possession of the promised properties or refunds, the accused allegedly continued making false assurances and failed to return either the money or the properties.

Taking serious note of the alleged multi-crore scam, Gandhinagar CID Crime has initiated an investigation against the accused. Officials said further revelations may emerge during the probe.

The case has been registered against nine directors of Vikas Procon Company, identified as Arvindbhai Makabhai Gajera, Bhanubhai Devchandbhai Butani, Himmatbhai Laljibhai Sojitra, Pradeep Matadin Bajaj, Shaileshbhai Dhirubhai Nakrani, Deepak Madhavjibhai Shekhlia, Prafulbhai Madhubhai Bhanderi, and Shriram Sitaram Sharma, among others.

CID Crime officials said further investigation into the alleged investment fraud is underway. DeshGujarat