Harinder Bashista, the director of a private real estate development company, was arrested on January 13 for allegedly defrauding investors of Rs30 crore in a fraudulent property scheme, according to police officials.
Bashista, aged 49, is currently in judicial custody after his arrest, which follows a complaint filed by investor Sunil Gupta on May 24, 2022. This complaint led to the registration of an FIR on June 3, 2022. Gupta, along with several other victims, accused Bashista of luring them into investing in a real estate project in Knowledge Park-III, Greater Noida.
The project, which was launched in 2009, promised a range of amenities, including office spaces, residential units, and a commercial mall in a prime locality where reputed IT companies were allegedly planning to set up operations.
By 2013, Bashista and his associates reportedly convinced investors, including Gupta, to buy units in the project by showing them fake documents and offering high returns on their investments. The victims signed Builder Buyers Agreements (BBAs), believing they were purchasing legitimate commercial spaces.
However, investigations revealed that the company did not have the necessary legal authority to transfer the properties. Further probes also uncovered that the same units had been sold to multiple buyers, leading to compounded financial losses for the investors.
The case continues to be under investigation, with police efforts focused on identifying additional victims and bringing those responsible for the scam to justice.
