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MCA initiates preliminary probe into multicrore Intellicity fraud

On the basis of a complaint by one of its Directors Anil Sutar, Intellicity Business Park Pvt. Ltd is likely to soon face the ministry of corporate affairs (MCA) probe as the builder company is alleged to have siphoned off funds. The ministry has started a preliminary investigation into the builder’s books. The report is expected soon.

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Taking cognizance of complaint of one of the co-directors of Intellicity Business Park Pvt. Ltd, the Registrar of Companies has initiated a preliminary probe into multicrore siphoning off of public funds. The case may be referred to SFIO after the preliminary report.

On the basis of a complaint by one of its Directors Anil Sutar, Intellicity Business Park Pvt. Ltd is likely to soon face the ministry of corporate affairs (MCA) probe as the builder company is alleged to have siphoned off funds. The ministry has started a preliminary investigation into the builder’s books. The report is expected soon.

According to the ministry sources, the Registrar of Companies (RoC) will inspect company’s books. “The RoC is also coordinating with other authorities in scrutinizing the accounts and other activities of the company and all it’s sister concerns” sources said.

It has been alleged in the complaint that Intellicity Directors Vikas Bhagat and Manoj Chaudhary were primarily responsible for siphoning off public funds of over 200 crores in disguise of commissions, loans and investments.

Earlier, In December 2018, the Uttar Pradesh RERA had also ordered forensic audit in the wake of complaints by nearly 1,800 buyers who were given a deadline of three years from the launch of a Business Park project by Intellicity.

The ROC will file its preliminary report soon to the ministry, on the basis of which a probe by Serious Fraud Investigation Office (SFIO) can be ordered.

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