Roop Kishore Madan, Bela Madan, Magic Info Solutions and the Unresolved Questions Around Financing in Gurugram Real Estate

Gurugram’s real-estate market has produced both high-value projects and a dense trail of disputes involving landowners, developers, banks, investors and homebuyers. Some of those disputes concern delayed possession or infrastructure. Others concern refunds, dishonoured cheques or insolvency. A smaller number raise a more fundamental question: who was actually financing whom?

That question now sits at the centre of an investigation involving Magic Info Solutions Private Limited, its directors Roop Kishore Madan and Bela Madan, the associated company AIMS Sanya Developers Private Limited, the Godrej Summit project in Sector 104, Gurugram, and allegations concerning the use of builder-subvention home-loan structures.

The public record is not empty. It contains multiple criminal convictions, repeated consumer and RERA findings, insolvency proceedings, tax litigation and an extensive corporate network. What it does not yet contain is an official finding that the specific financing mechanism described in the allegations has been proved as a criminal fraud or money-laundering operation. The purpose of this investigation is therefore to set out clearly what the courts and regulators have established, what corporate records show, what has been alleged, and what still requires documentary proof.

The Verified Criminal Record

Roop Kishore Madan (DIN 00656697) and Sanjay Thukral (DIN 05235493) were convicted under Sections 138 and 141 of the Negotiable Instruments Act in three separate cases arising from space-buyer and assured-return transactions linked to the Landmark Towers commercial project in Noida, promoted by AIMS Sanya Developers Private Limited.

The trial court at Saket recorded convictions on 30 June 2025 against AIMS Sanya Developers, Roop Kishore Madan (as Managing Director) and Sanjay Thukral. The Sessions Court dismissed the appeals on 16 March 2026 and upheld both the convictions and the compensation orders of ₹2 crore in each matter. Delhi High Court criminal revisions (CRL.REV.P.(NI) Nos. 97, 98 and 99 of 2026), together with connected bail applications, appeared in the cause list as of 10 August 2026 and remain under revisional challenge.

In addition, Sanjay Thukral and AIMS Sanya Developers were convicted in at least four further Section 138 cases on 12 May 2026. Roop Kishore Madan was separately convicted on 6 November 2019 under Section 165(6) of the Companies Act for exceeding the statutory ceiling on the number of directorships an individual may hold.

These are adjudicated criminal findings. Section 138 convictions establish the dishonour of cheques issued in discharge of a legally enforceable liability. They are not convictions for cheating under the IPC or for money-laundering under the Prevention of Money Laundering Act.

Magic Info Solutions and the Godrej Summit Project

Magic Info Solutions Private Limited (CIN U70100DL2006PTC149035), incorporated on 21 May 2006, is an unlisted private company whose directors include Roop Kishore Madan and Bela Madan. Public judicial records identify the company as a participant in the contractual and development structure of the Godrej Summit project in Sector 104, Gurugram (approximately 22.123 acres, DTCP Licence No. 102 of 2011).

NCDRC judgments record that Magic Info Solutions applied for the group-housing licence and entered into a development agreement with Godrej Properties, together with a power of attorney. Godrej Properties later assigned its rights to its subsidiary Godrej Premium Builders Private Limited through a deed of substitution dated 27 December 2011. Magic Info Solutions has been arrayed as a respondent or opposite party in multiple consumer and RERA proceedings arising from the same project.

Several of those proceedings resulted in findings of deficiency in service and directions for refund with interest. In one HARERA matter the authority directed Magic Info Solutions to refund approximately ₹41.30 lakh plus interest after the company’s defence was struck off. Other NCDRC and HREAT orders restricted forfeiture percentages and directed refunds. In at least one case the NCDRC held Magic Info Solutions jointly and severally liable with the developer entity, rejecting the argument that it was merely a passive landowner.

These remain company-level regulatory and consumer findings. They do not constitute personal criminal convictions against the directors.

The Corporate Network

Public corporate records associate Roop Kishore Madan and Bela Madan with a large number of private companies and LLPs spanning real estate, infrastructure, hospitality, trading, energy, mining, telecommunications and other sectors. Key entities include Magic Info Solutions, AIMS Sanya Developers, Sanya Hospitality Private Limited (associated with the operation of a Courtyard by Marriott property), Sanya Developers, Sanya Infra Structure, Bullion Infra Structure, Blossom Promoters and multiple other Sanya-branded companies.

Sanjay Thukral appears as a recurring co-director, particularly in AIMS Sanya Developers. Chhavi Sharma Das (DIN 03558730), long identified as Secretary to the Managing Director at Sanya Group, also holds directorships across several entities in the same network.

The existence of a large corporate group is not, by itself, evidence of wrongdoing. Legitimate promoters routinely establish multiple entities for project ring-fencing, joint ventures and operational reasons. The investigative significance of the network lies in the need to track which entity owned the asset, which received the money, which borrowed, which paid expenses, and which ultimately benefited.

Investigative Findings on Alleged Subvention Arrangements

According to fact-finding conducted for this investigation, individuals with strong credit profiles were approached and offered a relatively small financial incentive (stated as 4–5 per cent) to participate in property transactions. A down-payment amount was allegedly transferred to the individual, who then returned it to the company through banking channels. Tripartite agreements were then executed with banks, including Canara Bank. Home loans were sanctioned in the individuals’ names at the lower retail interest rate. The directors or associated entities allegedly serviced the EMIs. The properties were later dealt with or sold to other parties. In some cases the EMI payments allegedly stopped, leaving the named individuals exposed to credit-score damage and recovery action.

The alleged economic logic is the interest-rate differential between commercial borrowing (often 18–22 per cent) and retail home loans (approximately 6.5–7 per cent). By routing funds through individual home-loan accounts, the arrangement is said to have secured cheaper capital. Funds received are alleged to have been moved across the wider group of companies.

These claims remain investigative findings. No publicly indexed FIR, charge-sheet, Enforcement Directorate prosecution or CBI case has been located that names Roop Kishore Madan, Bela Madan, Magic Info Solutions or AIMS Sanya Developers for this specific pattern of conduct.

The Wider Context of Builder-Subvention Probes

The Supreme Court has been examining allegations of systematic misuse of builder-subvention arrangements across the National Capital Region. On its directions the CBI registered multiple regular cases in 2025 against other developers and financial institutions. The Court’s process has required detailed information on allotments, tripartite agreements, EMI obligations, builder defaults and action taken against borrowers and developers.

The existence of that wider investigation establishes that subvention-related financing has become a matter of national regulatory concern. It does not, by itself, establish that Magic Info Solutions, the Madans, Godrej Properties or Canara Bank are accused in those specific CBI cases. Each project and each set of transactions must stand on its own documentary record.

What the Public Record Establishes — and What It Does Not

The public record establishes:

• Three Section 138/141 convictions of Roop Kishore Madan and Sanjay Thukral arising from AIMS Sanya Developers transactions, affirmed on first appeal and under High Court revision.
• A 2019 Companies Act conviction of Roop Kishore Madan for excessive directorships.
• Repeated consumer and RERA findings of deficiency and refund directions against Magic Info Solutions in the Godrej Summit project.
• The documented development relationship between Magic Info Solutions and Godrej entities.
• Insolvency proceedings against AIMS Sanya Developers in which Roop Kishore Madan appeared as Managing Director and shareholder.
• Continuing High Court enforcement and contempt proceedings involving substantial personal payment undertakings by Roop Kishore Madan.
• An extensive multi-sector corporate network linked to the same individuals.

The public record does not establish, as an adjudicated criminal fact, that Roop Kishore Madan and Bela Madan operated a systematic fraudulent home-loan recruitment scheme, that Canara Bank knowingly approved fictitious transactions, that Godrej Properties joined a criminal conspiracy, or that funds were systematically laundered through the associated companies. Those remain allegations that can be tested against bank statements, loan files, EMI payment trails, property registries and inter-company accounting records.

The Documentary Path Forward

The alleged financing structure is, in principle, documentable. A borrower cannot receive money without a banking trail. A loan cannot be sanctioned without a credit file and tripartite agreement. An EMI cannot be paid without a visible payer. A property cannot be cancelled or resold without a title record. Inter-company transfers leave accounting and bank trails.

For every suspected transaction the relevant matrix includes: borrower identity and credit profile, unit details, allotment and builder-buyer agreement, declared down-payment and its actual source, loan sanction and disbursement, identity of the EMI payer, possession or cancellation status, subsequent title, and related-party fund movements. Once a sufficient number of such files are assembled, patterns become visible or the absence of a pattern becomes clear.

Conclusion

The judicial and regulatory record surrounding Roop Kishore Madan, AIMS Sanya Developers and Magic Info Solutions is substantial. Multiple cheque-dishonour convictions, a Companies Act conviction, repeated refund and deficiency findings linked to Godrej Summit, insolvency proceedings and ongoing High Court enforcement matters form a documented adverse trail that cannot be dismissed as isolated commercial friction.

Separately, investigative fact-finding has raised serious questions about the possible use of individual credit profiles and retail home-loan structures in a manner that may have shifted financing risk onto ordinary borrowers while directing the economic benefit elsewhere. Those questions are capable of being answered by bank records, loan files, property registries and accounting trails. Until that evidence is examined and tested, the most serious characterisations of the financing arrangements remain allegations rather than adjudicated findings.

The distinction is not a technicality. It is the difference between reporting what the courts and regulators have established and reporting what still requires proof. Both layers of the story deserve continued, rigorous, document-driven scrutiny.