The GBP real estate scam in zirakpur
The GBP real estate scam in Zirakpur : A Shocking Reality :- In recent years, zirakpur a town near chandigarh. which become popular for real estate investment. Many people saw it as a good place to buy homes and commercial spaces. There are many reputated builders in zirakpur and gupta builders and promoter (GBP) used to be one of them. They promised high quality homes and return to the customers and also known for these wonder infrastructure and interior designs. Now you might be thinking that if gupta was really good then why he become a scammer.
How it all began
At first, GBP looks like a trusted builder. They advertised large projects like Athens, centrum and tech town. These projects were shown as modern and even well planned. Many investors, including NRIs and even middle-class families invested their life savings. Some of them paid through loans or borrowed money from family and friends and some used their hard earn money.
However after a few years thing started getting wrong. Buyers were not given possession on time from the builders. Even the contruction of many projects were slow down. When buyer went to the office to compliant they found no one there. Some directors of GBP had left the country and some were about to. the image below is the image of GBP commerical site later seized by ED.
When the truth came out
After that many people filed an FRI in zirakpur police station against the gupta. They said that the company is making fool of their customer and cheated them. According to some reports over 2500 investors were affected by this action of GBP. Some had been waiting for their flats since 2019. Even through they paid full amounts the project remained incomplete.
Slowly the numbers FRI against gupta increased and ED ( enforcement firectorate ) entered in this case to identify and solve the problems of the victims. In 2022, the ED attached GBP’s properties worth around 148 crore. Then in 2024, the ED seizes more properties worth some were around 205 crore including the Athens project in zirakpur these actions were taken under the money laundering law. and the GBP real estate scam in zirakpur was revealed.
Legal Action and Court Orders
Meanwhile, some buyers also approached consumer courts. In one case, a buyer from Haryana was refunded ₹1.61 crore along with ₹1 lakh compensation. The court said that GBP had clearly cheated the buyer. Other similar cases are still going on.
At the same time, many banks also suffered losses. They had given loans for these properties. Now, with projects stuck, banks are not getting payments, and buyers are left with unpaid loans.
Lessons to Learn
This scam teaches us some important lessons:
- Always check the builder’s history – Don’t believe only advertisements.
- Visit the site and talk to other buyers before investing.
- Make sure the project is registered with RERA (Real Estate Regulatory Authority).
- Do not pay in full before possession – Stage-wise payments are safer.
- Keep all documents and receipts safe for legal action if needed.
