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Realty firm chairman booked for cheating investor of ₹2.4 crore.
LUDHIANA: The Sarabha Nagar police have booked Sunil Kant Munjal, the director of Hero Realty Private Limited, along with company’s sales head Nikhil Jain, in a cheating case linked to the firm’s Hero Homes project in South City, Ludhiana.
The FIR follows a complaint by Falitash Jain, a businessman and resident of New Madhopuri, who alleged that despite paying over 2.41 crore for four flats at the project, the company failed to complete construction and hand over possession, causing both financial and mental trauma.
According to the FIR, the complainant said he booked four under-construction flats in 2018 by paying a 10% advance amounting to ₹2.41 crore. According to him, the company advised him to secure a bank loan for the remaining amount and assured that Hero Homes will bear the EMI until possession was handed over. The company promised to give the possession of flats by March 31, 2020. However, Jain alleged that the company later refused to continue paying the EMI, citing a contractual clause and attributing the decision to Covid-related disruptions. As a result, he was left to bear the financial burden alone. With mounting dues, the bank reportedly classified him as an NPA, adding to his financial distress. The flats, scheduled for possession in 2020, remain incomplete even after seven years. Jain said he had been living in a rented house directly opposite the project site, paying heavy rent while the construction remained stalled.
His lawyer Arpan Jain confirmed that a formal complaint was submitted to the police, following which an FIR was registered on November 14 under Sections 406, 420 and 120-B of the Indian Penal Code.
Jain said he now planned to approach the RERA and the SEBI, accusing the company of misleading buyers and violating contractual obligations.
Firm denies allegations. Issuing a statement, Hero Realty Private Limited claimed that the allotment of the four units in question was cancelled in October 2021 due to consistent payment defaults on the part of Jain.
It added that against the total sale consideration of ₹3.25 croгe, an amount of ₹2.08 crore was received by the company, out of which ₹1.75 crore were financed through bank, and Falitash Jain and his family paid only 32 lakh. The company contended that Jain’s allegation that the project was incomplete was baseless as the construction fin-ished in 2021.
For case specific advice, get in touch with Consumer Lawyers Punjab and Haryana High Court District Court Chandigarh Panchkula Mohali Derabassi Kharar State Commission
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