Punjab govt starts criminal proceedings against GBP) Grp

Chandigarh: The Punjab government has started criminal proceedings against the embattled Gupta Builders and Promoters (GBP) Group for failing to complete the real estate projects despite taking over Rs 1,500 crore from homebuyers in the last few years.

On 21 September, international conglomerate SRAM & MRAM Grp had taken out its Rs 700-crore investment in the real estate company due to non-fulfillment of certain criteria.

Later, on 28 September, company director Satish Gupta had assured through social media that he and other directors were abroad to get investments and that the projects would be completed. He, however, did not give a deadline for the completion. He even blamed the pandemic for the delay in completing the projects.

On 30 September, ECL Finance Ltd issued a public notice that the Group’s Athens housing project on the Airport Road is mortgaged to it. The notice also mentioned that the loan account of the project owner is in default.