New Delhi, Aug 1 (IANS): The CBI has booked Rahul Gaur, a son of real estate group Gaursons chairman BL Gaur, the former's wife Navneet Gaur and their company on charge of cheating Bank of Baroda and Syndicate Bank to the tune of Rs 80 crore in the name of a high-end residential complex, officials said.

A CBI official said that the company had been sanctioned Rs 250 crore for developing the high-end residential complex proposed by their firm Brys International Private Limited, comprising 291 luxury apartments in Sector 150 of Gautam Buddh Nagar.

The official said that the company had been sanctioned Rs 150 crore by the Bank of Baroda and Rs 100 crore by the Syndicate Bank.

The official said that Bank of Baroda in its complaint alleged that a total sum of Rs 80 crore was disbursed, but the project was left incomplete in the initial stages.

The FIR claimed that the initial deposits made by the buyers should have been credited to the escrow account but it was not done.

The complaint said that after the project was abandoned by the borrowers the account turned NPA on December 31, 2015.

The complaint also alleged that the accused diverted the funds as per their convenience, instead of utilising them for the purpose for which the credit facilities were obtained.

The FIR alleged that the forensic audit of the company's account showed round-tripping and diversion of funds, opaque functioning, and misrepresentation of facts.