FIR lodged against M3M Builder, Kadam Developers and Indiabulls in Greater Noida

Greater Noida: - A case has been registered against M3M Builder, Kadam Developer Pvt Ltd, and Indiabulls Housing Finance Company in Greater Noida's Beta-2 Kotwali for allegedly not paying government revenue. The complaint was filed by the Yamuna Authority, and this is the second FIR registered in this case of cheating.

Earlier, the Shipra group of Ghaziabad had filed a complaint against these institutions and 18 directors at the Indirapuram police station five days ago. This prompted the Yamuna Expressway Industrial Development Authority to take action and give a complaint to the Gautam Budh Nagar police three days ago regarding the illegal transfer of 73 acres of land in Sector-128 of Noida. In response, the Chief Executive Officer of Yamuna Authority, DR. Arun Vir Singh, ordered the registration of an FIR and requested the cancellation of the maps of the projects to be built on these lands.

The Yamuna Expressway was constructed after the authority had given 2,500 hectares of land at five places to Jaypee Infratech Company. Out of this, Jaypee Group had sold 73 acres of land in Sector-128 to a company named Kadam Developers Private Limited. Later, with permission from the authority, the land was mortgaged to Indiabulls Housing Finance Limited.

Brijesh Kumar Kashyap had filed a complaint to the police, stating that the authority had issued a letter of permission to mortgage the land while keeping its interests safe with certain conditions. In this regard, there were two important conditions. Firstly, the dues of the Authority shall be protected notwithstanding the mortgage and sale. Secondly, if the allotment of land is done to someone, then permission will have to be taken from the authority first. However, in this case, the land was transferred to India Bulls by Kadam Developers Pvt Ltd without permission from the authority. Later, Indiabulls sold the land to M3M builder.

After the FIR was lodged by the Shipra group, it was found that these companies had transferred the land without taking the permission of the authority and not paying the revenue by hiding the necessary information. The Shipra Group filed a complaint in the court of the Chief Judicial Magistrate of Ghaziabad regarding this matter. The DM had ordered the Indirapuram police station to register an FIR in the matter. Now, based on the complaint of a Yamuna Authority official, a case has been registered against Indiabulls Housing Finance Limited, M3M Company, Kadam Developers Private Limited, and Beacon Trusteeship Limited in Beta-2 Kotwali under sections 420, 467, 468, 471, and 120B.