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The CEO of Vipul Limited has been arrested in Gurugram following allegations of defrauding a group of lawyers of around INR 6 crore. The complainants, many of whom are linked to local bar associations, claimed they were persuaded to invest in a real estate project with promises of assured returns. When repayments did not materialise and communication stopped, they approached the police. The Economic Offences Wing has taken over the probe and is also searching for other accused named in the case.
The chief executive officer of Vipul Limited has been taken into custody by Gurugram Police in connection with an alleged fraud of nearly INR 6 crore involving a group of lawyers. The arrest follows a complaint filed by advocates who claimed they were induced to invest in a proposed real estate venture with the assurance of high and timely returns. Advertisement
Police officials said the complainants include members associated with the Gurugram and Rohtak Bar Associations. According to the FIR, the investments were made around 2024 after the CEO assured them that the funds would be used in a project and that repayments would be arranged through asset sales, including a club property located on Sohna Road. To build trust, post-dated cheques amounting to over INR 4.1 crore were reportedly issued to the investors.
However, the lawyers alleged that the promised returns were not paid and the cheques were not honoured. They further stated that repeated attempts to contact the company and its top executive did not lead to any resolution. This led to protests by the affected lawyers last year, after which a formal complaint was registered at Shivaji Nagar Police Station.
The investigation was subsequently handed over to the Economic Offences Wing (EOW-2). During preliminary questioning, the accused is understood to have informed investigators that the invested funds had been diverted to other ventures instead of being returned as committed. Police have also named two other individuals in the case and are conducting raids to trace them.
Vipul Limited has been a known real estate developer with projects across Gurugram and other parts of NCR. The company has previously delivered residential and commercial developments, but the current case has brought renewed scrutiny on private investment arrangements made outside formal institutional channels.
The matter remains under investigation, and authorities are examining financial records and transaction trails to determine the extent of liability and the involvement of other parties.
Source PTI
FAQ
1. What is the case against the CEO of Vipul Limited?
The CEO of Vipul Limited has been arrested by Gurugram Police in connection with an alleged fraud of nearly INR 6 crore. A group of lawyers accused him of inducing them to invest in a proposed real estate project by promising assured and timely returns, which were later not paid.
2. Who are the complainants in this matter?
The complainants include advocates associated with the Gurugram Bar Association and the Rohtak Bar Association. They alleged that they collectively invested funds in 2024 after being assured that the project would generate returns within a committed timeframe.
3. What assurances were reportedly given to the investors?
According to the FIR, the CEO reportedly stated that the invested amount would be utilised in a real estate venture and repayments would be arranged through asset sales, including a club property on Sohna Road. To build confidence, post-dated cheques amounting to over INR 4.1 crore were allegedly issued to the investors.
4. What led to the police complaint?
The lawyers claimed that the promised returns were not paid and the cheques issued were dishonoured. They further alleged that communication from the company stopped despite repeated follow-ups. After protests by the affected investors, a formal complaint was registered at Shivaji Nagar Police Station in Gurugram.
5. Which agency is investigating the case?
The probe has been transferred to the Economic Offences Wing (EOW-2), which is examining financial records and transaction trails. Investigators are also looking into the alleged diversion of funds to other ventures instead of repayment to investors.
6. Are other individuals involved in the investigation?
Police have reportedly named two additional individuals in the case and are conducting raids to locate them. Authorities are assessing the extent of liability and whether further financial irregularities are linked to the investment arrangement. The investigation is ongoing.
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