Vshvendra Singh v. Serious Fraud Investigation Office & ANR.

$~13 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ W.P.(CRL) 1716/2022 & CRL.M.A. 31983/2023 VSHVENDRA SINGH ...Petitioner Through:

Mr.

Satya Prakash Yadav, Advocate versus SERIOUS FRAUD INVESTIGATION OFFICE & ANR ...Respondents Through: Mr. Anurag Ahluwalia, Central Government Standing Counsel with Mr.

Piyush Kumar, SPP with Ms. Nupur Grover, Mr. Vibhav Singh and Mr. Shubham Gangal, Advocates

CORAM:

HON'BLE MS. JUSTICE JYOTI SINGH

O R D E R

% 14.02.2024 This writ petition has been filed under Article 226 of the Constitution read with Section 482 Cr.P.C. seeking the following reliefs: "a. Issue necessary directions in the form of Writ of Mandamus [or any other suitable Writ] thereby directing the respondent SFIO to implement [in letter & spirit] the directions contained in order issued by Central Government, bearing No.F.No.CL-II-07/62/2021-DGCoA-MCA dated 20.10.2021 and take all actions permissible as per SOP mentioned therein the said order.

b. Issue necessary directions in the form of Writ of Mandamus [or any other suitable Writ] thereby directing the Respondents and their Officials to consider [on merits] the documentary evidences filed by the petitioner along with representations dated 29.04.2022, 05.06.2022, 24.07.2022 submitted in support of main complaint dated 14.06.2021. c. Issue necessary directions in the form of Writ of Mandamus [or any other suitable Writ] thereby directing the Respondents and their Officials to furnish progress report thereby assisting the Hon'ble Court to monitor the investigation being conducted in regard to petitioner's complaint dated 14.06.2021."

W.P.(CRL) 1716/2022 Page 1 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

From a reading of the petition and the reliefs sought, it is evident that Petitioner seeks a direction to SFIO to implement, in letter and spirit, the directions contained in the order dated 20.10.2021, issued by the Central Government as well as to consider all documentary evidence submitted by the Petitioner alongwith his representations dated 29.04.2022, 05.06.2022 and 24.07.2022, in support of the main complaint given by him on 14.06.2021. A detailed Status Report has been filed. Paragraphs 4, 5 and 6 of the report are extracted hereunder for ready reference: "4. Investigation team has recorded the preliminary statements of the promoters and other connected persons and further investigation is being conducted.

5. During investigation, it is found that the company WTC Noida Development Co. Pvt. Ltd. had launched 14 projects in Noida, UP, Gurugram, Haryana, Mohali, Punjab and Gift City, Gandhinagar. On analysis of data, it is observed that the WTC Group has raised Rs. 4110 Crores (approx.) from 13636 customers/investors (approx.) for these 14 projects.

The analysis of field visit and the data provided by the company is as under: Delivered/Completed towers:

S.

No.

No. of Invest ors/ Custo mers raised Investo rs/ Custo mers in Paid in Comple tion Project Status as on Date One ABC Plot 13 (A & B), OC Received on 22/07/2019 Tec 1 & Tec Spire Techpark Plot 13 (A & B), 7/20/2015 OC Received on 22/07/2015 W.P.(CRL) 1716/2022 Page 2 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

Plaza 15/01/2013 11/28/2019 OC Received on 28/11/2019 Magic Eye Developers Sec-106, Gurgaon Gift AD Block No.51, Road 5E, Zone 5, GIFT City, Gandhinagar, Gujarat - 382355 12/8/2015 6/30/2023 OC Received On 04/06/2020 Plaza Magic Eye Developers Limited.

DTCP 08/21/2017 06/30/2022 PARTIALLY COMPLETED TOWERS/CONSTRUCTION UNDER PROGRESS: S.No.

No. of Investors/ Customers Raised Investors/ Customers in Amount Paid in Completion Plot 13 (A & B), Sector Budh Nagar One D Plot 13 (A & B), Sector Budh Nagar CBD (WTCN) Plot A02/ 1, Sector 13 2, District 7/9/2018 8/26/2024 CHD O & R Ltd Plot No. 02, Block D, Aerocity SAS Nagar, Punjab 3/8/2017 6/30/2023 GIFT TOWER Block No.

51, Road 5E, 12/8/2015 6/30/2023 W.P.(CRL) 1716/2022 Page 3 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

Co. Pvt. Ltd.

Zone 5, GIFT City, Gandhinagar, Gujarat382355 GIFT TOWER Block No.

51, Road 5E, Zone 5, GIFT City, Gandhinagar, Gujarat382355 12/8/20201 6/30/20 7.

Plaza 106 DDJAY Magic Eye Developers Limited.

Sec-106, Gurgaon 20/09/20 12/31/2 NO WORK DONE S.No.

No.

Investors/ Customers Raised Investors/ Customers in Amount Paid in Completion Plaza Plot 13 (A & B), Corporate Suites Plot 13 (A & B), One E Plot 13 (A & B), 30/11/2016 Quad Plot 13 (A & B), 30/11/2016 W.P.(CRL) 1716/2022 Page 4 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

Cubit Plot 13 (A & B), 30/11/2016 Noida RR Spire Techpark Plot 13 (A & B), 06/30/2025 7.

CHD Plot No.

02, Block D, Aerocity SAS Punjab 3/8/2017 6/30/2024 8.

CHD Suites Plot No.

02, Block D, Aerocity SAS Punjab 3/8/2017

6. It is further observed that:

➢ The most of the projects launched by the WTC Noida Development Company Pvt. Ltd. are being developed/ constructed by a company namely Proactive Construction Private Limited, which is a company ultimately controlled by the promoter of WTC-Noida Development Co. Pvt. Ltd.

➢ Out of the 20 towers in 14 projects launched by the company, 5 towers have been completed and delivered by the company, 7 towers are partially completed and 8 towers have not been started yet. The completion date of most of projects are to be in 2024 and 2025 as per RERA.

➢ As per data provided by the company, it is revealed that the company has received funds to the tune of Rs 4110 crore (approx.) for 14 W.P.(CRL) 1716/2022 Page 5 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

projects from 13636 investors (approx.), out of which the company has paid Assured Return to the customers to the tune of Rs. 1061 crores (approx..).

➢ It has been observed that some projects are not been started yet, however the company has collected funds to the tune of Rs. 384 crores (approx..) from the investors. The utilization of the said funds is under investigation by the SFIO."

Mr. Anurag Ahluwalia, learned Central Government Standing Counsel appearing for both the Respondents, on instructions, states that the investigation is in progress and the details of the investigation carried out so far have been disclosed in the Status Report. He further submits that the documents given by the Petitioner along with his complaint and/or further representations including, if any, annexed to the present petition will be taken into consideration during investigation.

In view of the Status Report filed on behalf of the Respondents and the stand taken that the documents submitted by the Petitioner as well as his complaint/representation will be accorded due consideration during investigation, no further order is required to be passed in the present petition. Writ petition is accordingly disposed of along with pending application, making it clear that this Court has not expressed any opinion on the merits of the case or on the correctness or otherwise of the allegations levelled by the Petitioner in the present petition.

JYOTI SINGH, J FEBRUARY 14, 2024/NS W.P.(CRL) 1716/2022 Page 6 of 6 The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.