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NCLT declares HORIZON BUILDCON (P) Ltd a company owned by JEEVESH SABHARWAL BANKRUPT
The residents accused the builder to target mainly old, retired and ladies, The Modus Operandi they followed in luring the buyers is that they gave assured return on full payment in advance. People with no income used their savings and booked units in Orizzonte.
The residents alleged that the builders show offers on two of their projects
1. Concept Horizon Infra Pvt Ltd (Project Orizzonte)
2. Horizon Buildcon Pvt Ltd (Project IRIDIA) and various other projects in North India including Amritsar.
Resident of Sarita Vihar, told us that, “Jeevesh Sabharwal, Naresh Sabharwal, Ambika Sharma & Rohan Ranjan all earlier residents of Gulmohar Park in New Delhi have done a fraud of Rs.500 crores through their Shell companies. They target old, retired and ladies and lured them in fraudulent offers and takes the savings of the people. By mouth publicity, buyers told their known ones about getting full returns, they got more buyers. And also with its unique design of the towers and beautiful brochures lured the customers more”.
He further said, “after giving returns for few months and when they got huge bookings and money they stopped the construction and closed the site office. And now no one is available from the company to even pick up a call talk to the buyers”. They siphoned off funds in name of construction and have multiple Charge sheets filed against them in excess of Rs.100 crores already. Jeevesh Sabharwal does extensive self-promotion to lure more investors whilst lying about the status of his companies and projects. His so called flagship company HORIZON BUILDCON PVT LTD is already be declared bankrupt through NCLT and multiple other companies are under the same process already.
He also shared proof’s of their frauds with multiple banks, where they not only took loans against their fraudulent projects in excess of Rs.100 crores, they also borrowed money against their own house in Gulmohar Park (Punjab National Bank) and Green Park (Bank of Maharashtra) which were hugely over the value of the property and now due to NPA all the properties have been taken over and auctioned by banks. They also drive around in expensive cars which they have fraudulent loans against that they never make payments for.
“Despite numerous the complaints in RERA no action is taken till now on the builders. They also have not complied with the existing UP RERA orders and also have fooled buyers by giving fake affidavits which does not clears that when the construction will start and complete”.
Desired outcome: File cases against Sabharwal's and arrest them
