Punjab: Their money gone, GBP investors left in the lurch

The group had sold some of the properties without approval from the Real Estate Regulatory Authority (RERA).

The owners of the GBP Group had kept investors in the dark and cheques given to some of them had also bounced. The group had sold some of the properties without approval from the Real Estate Regulatory Authority (RERA).

The investors are confused as to where to lodge the complaints against the GBP’s owners.

Many investors had to take loans after mortgaging gold and some of the investors are running from pillar to post for meeting both ends meet after losing their money.

Some of the investors have spoken to The Indian Express about the difficulties they were facing after the GBP group officials had fled.

“In 2018, I had invested around 14 lakh in GBP’s project in Sector 66 in Mohali. The company had promised to give possession in 2019 but then it was deferred to 2020. After failing to get possession, I started visiting the offices of GBP and got the cheques which later bounced. The company had duped the people by selling the properties in pre-launched projects, thereby leaving no room for the people to lodge complaints.”

Isht Sethi, an IT professional

“I had booked two flats in GBP’s project at Kharar. I found that the company was good, following which I invested in GBP’s projects at Peermuchalla and Zirakpur too. In total, I had paid more than Rs 40 lakh. The company had given offers like assured return, buyback offers but I got suspicious when I found that there was no construction on the project. When I enquired, I found that the company’s financial condition was not good. Now I have lost more than Rs 40 lakh.”

Hitik, a resident of Jammu

“I invested in a 2-BHK flat and paid around Rs 44 lakh. I paid my entire savings to the builders. I do not know where to lodge the complaint now.”

Amit Aggarwal, Shimla-based shop owner

“I had to take a loan after mortgaging the gold jewellery of my wife. I withdrew money from my Provident Fund to buy a 2-BHK flat in GBP’s project at Zirakpur but now all the hard-earned is gone. I paid around Rs 35 lakh to the company but I neither have a house nor money.

Sarbjeet Singh

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