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Feuding brother exposes Rohtas Goel’s Rs 3,000 cr scam, casts shadow on Omaxe

Loan Scams

Feuding brother exposes Rohtas Goel’s Rs 3,000 cr scam, casts shadow on Omaxe

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In 2018, the Goel brothers had just begun their war ‘officially’ over the company, Omaxe Limited, followed by Sunil Goel’s move to the National Company Law Tribunal alleging financial mismanagement by his elder brother and founder of the company, Rohtas Goel.

However, it was a melting point that threw light into the alleged scam, in which Rohtas Goel allegedly had unaccounted cash transactions to the tune of Rs 3,000 crore, according to the Income Tax Department.

The civil engineer-turned-first generation entrepreneur Rohtas started the company’s contracting business on a small scale in 1987. Within two years, his company was incorporated as Omaxe Builders Private Ltd, and in 1999, it became a ‘Limited Company’.

Headed by Goel, Omaxe slowly but steadily made its footprints in the real estate sector. By 2007, Omaxe came out with its initial public offering (IPO), which got oversubscribed by 70 times. Soon, the company spread its presence in 27 cities across eight states.

Since then the small town youth from Haryana’s Hassanpur had no looking back until his own brother turned against him.

In January last year, the Chandigarh bench of the National Company Law Tribunal (NCLT) admitted the petition filed by Sunil Goel against Omaxe Ltd over alleged acts of oppression and mismanagement by the company and its management.

Sunil, who was the former Joint Managing Director of the company, levelled allegations against Rohtas for indulging in financial fraud, siphoning off funds,…

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