An Investigative News Report by News Trust India on Real Estate Scams in Delhi NCR and Gurugram
When Kedar accepted the Assistant General Manager position at Joon Realty in mid-2025, he thought salvation had arrived. Rent overdue, child’s school fees mounting, and a ₹50,000 monthly salary promise from what appeared to be a legitimate real estate firm; it seemed like divine intervention. Six months later, he would discover he’d become an unwitting soldier in one of India’s most insidious fraud architectures: the phantom real estate empire.
Krishna Maggoo orchestrated the apparent con with surgical precision. The first meeting at Hotel Imperial, Connaught Place. Subsequent presentations at The Leela Chanakyapuri. VP Sandeep Kapoor lending credibility to the operation. And the crown jewel: an alleged partnership with Marriott International for India’s first Marriott Autograph Collection resort on 40 acres of “freehold land” in Jaipur.
For Kedar, an experienced professional, every detail appeared legitimate—until it didn’t.
The offer letter arrived from “HRBP Tanisha Jain, “She is or was a ghost’ who existed only in WhatsApp messages. She never answered calls. No employee ever met her.” says Kedar. VP Sandeep Kapoor left the company within ten days of Kedar joining, an ominous sign that went unheeded. The promised corporate office looked like a mirage when on joining day Kedar was asked to join in a co-working space in Cyber City, Gurgaon. Afterwards, Kedar was a bit relaxed to see Joon Realty office in Sector 62, Golf Course Extension, which was now his workstation for months to come. Documentation for the Marriott partnership and RERA approvals would materialize only after clients issued ₹10 lakh cheques, a classic catch-22.
When contacted for this investigation, a spokesperson from Marriott International categorically denied any such collaboration, stating: “Marriott International has not entered into any such arrangements and we do not manage Residential/Hotel projects with pre-lease/leased income schemes.” The emperor wore no clothes. The partnership was smoke.
Although Krishna M claims to “Run” Joon Realty and that of a partnership with Marriott, Joon Realty has not confirmed this relationship as of the publication of this report.
India’s ₹600 Crore Fraud Epidemic
Joon’s con isn’t an outlier; it’s symptomatic of an epidemic ravaging India’s real estate sector. On September 25, 2025, the Enforcement Directorate conducted raids on International Recreation and Amusement Ltd (IRAL), which duped approximately 1,500 investors by promising retail shops in Gurgaon’s Sector 29 and 52-A. The estimated loss: over ₹600 crore.
In parallel action, ED attached ₹153.16 crore in assets from Universal Buildwell Pvt Ltd’s former promoters, who collected over ₹1,000 crore across eight projects over 12 years. Some homebuyers had invested before 2010, yet projects remain incomplete.
Authorities also uncovered that Krrish Realtech allegedly defrauded over 400 customers of more than ₹500 crore, with ₹205 crore diverted abroad. ED attached ₹2,348 crore in assets from WTC Group, which promised assured returns to over 12,000 investors before siphoning funds through shell companies and offshore accounts.
The Supreme Court, recognizing an “unholy nexus” between builders and banks, ordered the CBI to conduct searches across 47 locations in Delhi-NCR, resulting in 22 cases against builders systematically defrauding homebuyers.
The Anatomy of Modern Fraud: A Dual-Victim Ecosystem
What distinguishes contemporary real estate fraud is its surgical sophistication and twin-victim architecture. These operations create elaborate corporate theatre: shell companies spawn overnight, co-working spaces become stages, professional websites weave false partnership webs, and every business card becomes a carefully crafted deception.
The diabolical innovation lies in human camouflage. Innocents like Kedar become unwitting accomplices, their credentials transformed into credibility weapons while true architects remain invisible. When the walls close in, these employees face legal jeopardy; their names appearing in FIRs alongside actual promoters, some facing arrest for jobs they believed legitimate.
At Joon Realty, site visits to the mythical Jaipur land were perpetually postponed. Kedar’s team received only map pins, pitching phantom properties to clients demanding verification. When September’s promised Marriott press conference evaporated on September 22nd, client trust died. Krishna Maggoo’s response? Verbal abuse and systematic terminations. Kedar’s September 26th confrontation ended with immediate termination; another casualty where questions became crimes. Ironically, his termination came from the same email and the ghost ‘Tanisha Jain’ who in the words of Kedar, was also terminated weeks after Kedar joined. Who is operating these obvious ghost emails ? Did Tanisha Jain ever exist ?
It is not just Kedar or other employees at Joon we spoke with, the partnership with Marriott, as they say, was integral and well articulated to the potential customers. The mandate was to convince investors and potential buyers to invest in this project – without showing, handing over any statutory papers at all. “A customer even went all the way to the site near Jaipur and not to find anything as explained by us” says Kedar.
Why Intelligent People Fall
The psychological manipulation runs deep. Buyers aren’t purchasing property; they’re buying aspirational lifestyles through branded partnerships and guaranteed returns that defy economic logic. Professional employees, luxury meeting venues, and sophisticated marketing create convincing reality distortions.
For employees, stable income promises override skepticism in India’s competitive job market. Many realize the truth only when salaries vanish and legal notices bloom. The human costs transcend finances: families destroyed, careers derailed, trust poisoned. Psychological trauma from unknowingly participating in fraud lasts years.
Red Flags: A Survival Checklist
For Job Seekers:
- Verify company registration on MCA portal before accepting offers
- Question “headquarters” operating from co-working spaces
- Demand comprehensive project documentation during interviews
- Investigate leadership through multiple independent sources
- Beware HR contacts existing only on messaging apps
For Investors:
- Independently verify brand partnerships through official channels, never through the company
- Visit actual project sites, not just fancy offices
- Demand sanctioned papers, RERA registration, and land titles before any payment
- Consult independent lawyers and chartered accountants
- Never trust “guaranteed returns”—they defy basic economics
- Conduct extensive background checks on promoters
Universal Warning Signs:
- Reluctance to provide documentation with excuses about “partner confidentiality”
- Cancelled meetings or postponed events citing last-minute partner requirements
- Pressure for quick decisions and immediate payments
- Unverifiable “exclusive” partnerships with global brands
- Staff uniformly uninformed about basic project details
The Systemic Void
Kedar’s nightmare echoes through thousands of cases: vulnerable individuals suspended between survival and prosecution, abandoned by systems that treat them as conspirators rather than casualties. While regulatory bodies like RERA were designed to protect homebuyers, enforcement remains patchy, prosecutions lengthy, and recoveries rare.
Until systemic change arrives, survival depends on becoming your own detective. In India’s real estate halls of mirrors, when presentations shine but documents disappear, when global brands are claimed but verification dies in shadows, retreat remains the only wise choice.
Somewhere in Gurugram tonight, another Kedar receives another offer letter. Another Krishna Maggoo drafts another presentation. Another phantom company springs to life. Only vigilance can rewrite these endings.
DISCLAIMER: This investigation is based on documented evidence in the possession of this publication. The characters, events, and fraudulent practices described exist as verifiably as the sun and moon. We spoke to employees who confirmed that they work for Krishna and Joon and continue to sell the dream. We attempted to contact company leadership for comment but received no response. All referenced statistics are drawn from official enforcement agency actions including September 2025 ED raids on IRAL and Universal Buildwell, and verified news reports.
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