The Bihar Real Estate Regulatory Authority (BRERA) is strongly recommending that the state and central governments establish an interdisciplinary team. This team would be tasked with ensuring that real estate companies return money to buyers, complete with interest payments, or facilitate property registration and grant possession of properties to the buyers. This suggestion was put forth by the bench of chairman Naveen Verma and members Nupur Banerjee and RB Sinha on Monday. A number of cases have been brought against Shine City Infraproject Private Limited, whose directors have allegedly fled to Dubai after defrauding numerous individuals who had registered properties in their names after making payments towards a housing project located in Naubatpur, Patna.
The bench observed that the company perpetrated similar fraudulent activities against homebuyers in other cities, not just in Patna, but encompassing Odisha, Uttar Pradesh, and Jharkhand.
Assistance from the Enforcement Directorate
The bench has directed all plaintiffs to file formal complaints with the State Police Economic Offence Unit (EOU). These complaints should include all pertinent factual information and documentation associated with the company and be submitted to RERA. BRERA has also formally requested the Bihar Director General of Police (DGP) to assemble a dedicated investigative team to delve into the ramifications of the case and explore the possibility of enlisting the aid of agencies such as the Enforcement Directorate (ED) to apprehend the perpetrators. This measure has been requested due to both the multi-state nature of the company’s operations and the flight of its directors abroad. BRERA has also asked its secretary to formally communicate with the DGP, providing details of the situation, enabling investors to lodge complaints against the company. Further instructions to the RERA Secretary include engaging with the Registrar of Companies in Lucknow to obtain detailed information regarding the company's operations.
Furthermore, the authority has engaged the services of a retired police officer possessing expertise in financial crime. The officer's remit is to investigate grievances lodged by over 90 individuals who made payments toward property purchases in Naubatpur, but for whom justice remains elusive.
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