Gurugram Real Estate Shock: Vipul Limited CEO Punit Beriwala Arrested for ₹6 Crore Fraud Against Lawyers

In a significant turn of events that is likely to impact the real estate market of the National Capital Region (NCR), the Economic Offences Wing (EOW) of the Gurugram Police arrested Punit Beriwala, the CEO of the real estate firm Vipul Limited. The arrest of the real estate executive was made on charges of cheating a group of lawyers of ₹6 crore through an alleged fraudulent investment scheme.

Punit Beriwala, a 62-year-old resident of Sector 42, Gurugram, was arrested on Friday, February 27, 2026. According to police sources, the accused was produced before a local court on Saturday, which remanded him to police custody for two days.

This real estate fraud case has raised serious questions regarding the security of investments made by sophisticated investors in real estate schemes of NCR, particularly those involving luxury properties. The case has further raised a lot of questions regarding corporate governance within real estate firms operating within the NCR region of India.

The FIR filed on October 1, 2025, at the Shivaji Nagar police station in Delhi, states that Beriwala convinced lawyers from Rohtak and Gurugram Bar Associations to invest in a new real estate project, which he started in April 2024. The lawyers were promised to receive double return on their investment within a short period. The modus operandi of Beriwala involved exploiting people by taking advantage of the trust placed in established real estate companies. Beriwala entered into written agreements and issued cheques to the lawyers amounting to more than ₹4.1 crore. Beriwala assured them that the amounts would be paid from the sale of V Club on Sohna Road, one of the high-end projects of the company. The lawyers, however, claimed that once payment was made, Beriwala stopped communicating with them and failed to honour the cheques.

During interrogation by the EOW team, Beriwala is said to have confessed to diverting the money received from the lawyers into other business ventures instead of investing it in the promised project. This alleged misappropriation of funds is considered a criminal offence that combines cheating, criminal conspiracy and breach of trust under the Indian Penal Code. The modus operandi of diverting new investments into existing business liabilities is a common feature of all real estate investment scams of this nature.

Rising Tensions and Market Impact in NCR

The Current Situation in the NCR shows increasing conflicts and their impact on market operations. 
The police arrested the suspect after several months of escalating conflicts, which created pressure for the organisation. More than 50 lawyers organised a protest in August 2025 outside the V Club on Sohna Road. They shouted slogans demanding that the CEO of Vipul Limited face legal action for his threats against investors seeking to recover their funds. The company has been under significant pressure, and this arrest is expected to have a significant impact on the share prices of Vipul Limited, which is already under pressure due to recent financial disclosures.

This incident takes place against the backdrop of an unstable market environment in Gurugram’s real estate sector. Reports from March 2026 show that property expos in the NCR region have started to experience panic buying, with investors paying more than the asking price for premium properties due to FOMO (Fear Of Missing Out). However, this incident of Vipul Limited is a wake-up call to the possible hazards of investing in real estate without proper due diligence, even when dealing with real estate giants. This incident has also raised concerns among banks and financial institutions about their investments in the real estate business.

Investigation Continues: Associates Under the Scanner

The Gurugram Police have stated that the investigation is underway, with officials scrutinising the financial transactions involving the accused party. The FIR has also implicated the associates of real estate businessman Beriwala, namely Sunil Bhandari and Praveen Gupta, who are evading arrest. The police have initiated raids to arrest these associates. The police are also investigating whether these associates are not the only individuals who have participated in the investment fraud.

The legal procedure is active, but the incident highlights the need for stronger real estate regulations that protect consumers from exploitation by real estate developers. The EOW assures the public that they will recover the victim's money while they impose legal penalties on all the accused.