Vipul Limited CEO Arrested for Duping Lawyers of Rs 6 Crore

Introduction

Puneet Beriwala, the 62-year-old Chief Executive Officer of prominent real estate firm Vipul Limited, was arrested in Gurugram on Friday. The arrest is in connection with allegations that he defrauded a group of approximately 50 lawyers of Rs 6 crore by luring them into a fraudulent investment scheme that promised exceptionally high returns. The case has been transferred to the Economic Offences Wing (EOW) for a detailed investigation.

The Investment Scheme

According to investigators, the scheme began in April 2024 when Beriwala approached lawyers, primarily from the Gurugram and Rohtak Bar Associations. He allegedly persuaded them to invest in a proposed real estate venture, promising to double their investment within a very short period. To build credibility and win their trust, Beriwala reportedly issued post-dated cheques amounting to over Rs 4.1 crore. He also gave verbal assurances that the invested capital and returns would be paid from the sale proceeds of company assets, including the V Club property on Sohna Road.

Breakdown of Trust

The investors' confidence turned to concern when the promised returns failed to materialize. The post-dated cheques issued by Beriwala were never honoured by the banks. Following this, Beriwala allegedly stopped responding to calls and messages from the lawyers, who were attempting to recover their funds. After repeated failed attempts to establish contact and secure their money, the situation escalated.

Protests and Legal Action

Frustrated by the lack of response, the aggrieved lawyers organized a protest in August 2025 outside the V Club in Gurugram. They raised slogans and demanded strict legal action against Beriwala and his company. This public demonstration brought the matter to the attention of law enforcement. Subsequently, a joint complaint was filed, leading to the registration of an FIR on October 1, 2025, at the Shivaji Nagar police station. The FIR named Puneet Beriwala and his associates, Sunil Bhandari and Praveen Gupta, under IPC Sections 120B (criminal conspiracy) and 420 (cheating).

The Investigation and Arrest

Given the financial complexity of the case, the investigation was transferred to the Economic Offences Wing. The EOW team arrested Beriwala on Friday, February 27, 2026. He was produced before a local court on Saturday and was remanded to two days of police custody for interrogation. During initial questioning, Beriwala reportedly told police that the money collected from the lawyers had been diverted into other real estate projects, rather than the one they were promised.

Key Details of the Alleged Fraud

To provide a clear overview, the central facts of the case are summarized below.

Tracing the Money Trail

Investigators are now focused on tracing the flow of the Rs 6 crore. The EOW is scrutinizing bank transactions and company records of Vipul Limited to establish the money trail and determine if the funds were criminally misappropriated. A Gurugram Police spokesperson confirmed that the accused is being questioned on remand. He added, "We are conducting raids to nab his associates." The police are working to gather evidence and build a comprehensive case against all individuals involved.

Market and Reputational Impact

The arrest of a CEO of a well-known real estate company like Vipul Limited sends ripples through the industry. Such high-profile cases can impact investor confidence and raise concerns about corporate governance within the sector. The incident serves as a cautionary tale for investors about schemes promising unusually high or quick returns. The reputation of Vipul Limited is likely to face significant damage, which could affect its ongoing and future projects. The company has not yet issued an official comment on the matter.

Conclusion

Puneet Beriwala's arrest marks a significant development in a case that has been building for over a year. The police investigation is now at a critical stage, with efforts underway to locate his associates and uncover the full extent of the financial diversions. Beriwala is scheduled to be produced before the court again on Monday at the conclusion of his police remand. The outcome of the ongoing interrogation and the search for his co-accused will determine the future course of legal action in this Rs 6 crore fraud case.