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SATISH CHANDRA SHARMA, C.J.

1. The instant Writ Petition under Article 226 of the Constitution of India has been filed with the following prayers:

"a) Pass a writ of mandamus or any other appropriate writ, order or direction directing Respondent No. 2 / ED to investigate in a time bound manner, the various offences committed by Respondent Nos. 3 to 15 and other unknown accused persons under the provisions of Indian Penal Code, 1860 and Prevention of Money Laundering Act 2002 in relation to the alleged purchase of development rights by Respondent No. 5 / IPL in land parcel admeasuring 78 acres in Bhiwadi, Rajasthan for a consideration of INR 396 Crores;

e) Direct Respondent Nos. 3 to 15 to deposit with this Hon'ble Court, sum of INR 396 Crores along with interest at 18% which has been siphoned off from Respondent No. 5 / IPL;

f) Monitor the investigations conducted by Respondent Nos. 1, 2 and 16 to ensure that it is fair, unbiased and impartial;

(g) pass any other or further orders as this Hon'ble Court may deem fit and proper under the facts and circumstances of the present case and in the interests of justice and equity."

2. Facts of the case reveal that the Petitioner herein booked a Managed Service Apartment, being Apartment No. ICC-MSA-RS12-03 in Ascott Ireo City Gurgaon Project (Ascott Project) being developed in Sector 59, Gurugram by IREO Private Limited (IPL)/Respondent No. 5.The Petitioner states that he, along with other homebuyers who had invested in the said project, have not been handed over their houses as assured by Respondent Neutral Citation Number : 2023:DHC:2193-DB No. 5. It is the Petitioner's apprehension that the money invested by these homebuyers, which was meant to be utilised for completion of projects is being diverted and siphoned off by Respondent No. 3 (Mr. Lalit Goya, VC & MD of IREO Group), Respondent No. 4 (Ms. Sapna Goyal, spouse of Respondent No. 3) and Respondent Nos.6 to 15 (which are companies owned or controlled by the promoters of IREO Group) under the garb of land transactions. The Petitioner has filed the present writ petition in the nature of a public interest litigation against one such alleged land transaction, namely the "Bhiwadi Land Transaction". It is the Petitioner's case that the Economic Offences Wing (EoW) of the Delhi Police/Respondent No. 1, the Enforcement Directorate (ED)/Respondent No. 2 and the Serious Fraud Investigating Office (SFIO)/Respondent No. 16 have failed to perform their duty of investigating into these allegations.

8. It has also been noted during the investigation that Ireo Group companies have been diverting term loans taken from one financial institution to repay the loan from another Financial Institution thus effecting engaging in evergreening of loans.
9. Investigation revealed that Ireo Private Limited had paid Rs. 396 Cr. to its 10 Land Owning Companies (LOCs) in F.Y. 2010-11 for purchase of development rights of land located at Bhiwadi. IPL did not conduct any development activity on the land for which rights were acquired. Later on, IPL started writing off the development rights from F.Y. 2012-13 to 2016-17.