ZIRAKPUR – The Zirakpur Police have officially registered a criminal case against the directors and agents of the prominent real estate firm, Sushma Group, following allegations of a massive investment fraud. The promoters are accused of swindling investors out of lakhs of rupees by promising lucrative monthly returns that were later abruptly halted or slashed.
The action follows a formal complaint by Satinder Pal Singh, a resident of Kharar, and a subsequent high-level investigation conducted by the DSP (City-2).
The Allegations: Broken Promises and Halted Returns
According to the FIR, the complainant was allegedly lured into investing in two high-profile projects located in Zirakpur: Sushma Imperia and Sushma Pristine. The investment was structured under an “assured return” model, a popular but often controversial scheme in the real estate sector.
The specific investment details disclosed in the complaint include:
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Sushma Imperia (Unit No. 59): The builder allegedly promised a monthly return of ₹98,500 with a commitment to hand over possession within six years.
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Sushma Pristine (Unit No. T1-34): The complainant was assured a monthly return of ₹43,200.
While the company reportedly honoured these payments for approximately two years, the complainant alleges that the funds stopped arriving thereafter, leading to significant financial distress.
Forced “New MoU” and Reduced Pay-outs
A critical turning point in the investigation involves a new Memorandum of Understanding (MoU) dated June 12, 2024. The complainant alleges that the builders forced investors to sign this new agreement, which effectively slashed the promised monthly returns by 50%. This move is being viewed by investigators as a breach of trust and a deliberate attempt to defraud initial investors.
The Accused
The Zirakpur Police have booked the core leadership of the Sushma Group along with their intermediaries:
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Binder Pal Mittal (Director)
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Bharat Mittal (Director)
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Prateek Mittal (Director)
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Karamjit Singh (Agent)
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Gurjit Singh (Agent)
Legal Charges: The police have registered the case under relevant sections of the Bharatiya Nyaya Sanhita (formerly IPC) for criminal conspiracy and fraud.
Impact on the Zirakpur Realty Market
This development has sent shockwaves through the Zirakpur and Mohali real estate circles. Sushma Group is one of the largest developers in the region, and an FIR of this nature raises serious questions regarding the sustainability of “Assured Return” schemes.
Legal experts suggest that such cases often move to the Real Estate Regulatory Authority (RERA), but the registration of a criminal FIR indicates that the police found prima facie evidence of “intent to deceive” rather than a mere contractual delay.
Current Status: An active investigation is underway. Police officials have stated they are examining the company’s financial records and bank statements to determine the scale of the alleged fraud and if more investors have been similarly affected.
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