FIR filed against Couple involving Rs. 16 crore worth Real Estate Scam

In Panchkula, a couple's financial scam involving several victims and organized crime has been exposed. The couple, Sangeeta and Nitin Dua, who live in Sector 8, have been the subject of a formal complaint from the police.

According to the FIR filed in the Sector 7 police station, the couple, who are allegedly the masterminds of the scam, are accused of swindling investors out of over Rs. 16 crores through a sophisticated financial and real estate scheme.

According to the investigation, the accused located properties owned by borrowers who were in default by using their purported connections with bank officials.

They then took advantage of these borrower’s financial weakness by pressuring them to sell their houses for far less than market values. The FIR claims that the accused then pocketed the difference after selling these properties at fair market value, making large profits.

Kuldeep Arora and Sumit Kumar's police complaint claims that the accused enticed unsuspecting investors with the promise of large returns on investments made in non-performing assets (NPA) properties from a bank in Panchkula and Karnal.

They purportedly pledged to buy these distressed properties for less money, resell them for a profit, and give investors their share of the profits. But according to the victims, the accused stopped returning the money they had invested after giving them partial returns at first to foster trust.

The accused allegedly bought opulent properties with the money of investors, including a brand-new kothi in Sector 35A of Chandigarh.

In addition, the complainants claim that the couple threatened and intimidated them by using their political connections, which made it harder for the victims to get their money back.