Why BPTP IPO Will Be the Biggest Real Estate Scam of India and Will Wipe Out Entire Investments of the Investors
In the glittering world of India’s real estate boom, where skyscrapers rise like monuments to ambition and developers promise utopian living, lurk shadows of deceit that have ensnared countless families. At the heart of one such saga stands BPTP Ltd., a Faridabad-based developer founded in 2003 by Kabul Chawla, its Chairman and Managing Director. For over two decades, BPTP has been synonymous with unfulfilled dreams, shattered trust, and a trail of legal battles that paint a picture of systemic fraud. Now, as the company gears up for an Initial Public Offering (IPO) aiming to raise over Rs 5,000 crore in 2026, alarm bells are ringing louder than ever. This isn’t just another market debut; it’s a calculated ploy to extract fresh capital from unsuspecting investors while burying a history of scams under layers of polished financial statements. Drawing from a decade-plus of investigations, court records, consumer complaints, and recent Enforcement Directorate (ED) raids, this article exposes why investing in BPTP’s IPO could be the gravest mistake for shareholders, potentially wiping out billions in investments as the company’s house of cards collapses.
Kabul Chawla: A Notorious Figure Since BPTP’s Inception
Kabul Chawla’s journey in real estate began with the launch of BPTP in 2003, but from the outset, his operations have been shrouded in controversy. Marketed as a visionary developer focusing on residential and commercial projects in the Delhi-NCR region, including Gurugram, Faridabad, and Noida, BPTP quickly amassed a land bank of 45-50 million square feet and 600 acres. Yet, beneath this facade lay a pattern of shady dealings that have defined Chawla’s career. Early projects were plagued by allegations of land acquisition irregularities, where prime plots were secured through questionable means, often displacing original owners or bypassing regulatory approvals.
By 2006, just three years into operations, complaints surfaced about non-delivery of plots and arbitrary forfeitures of buyer payments. For instance, businessman Suresh Goel paid Rs 40 lakh for a Faridabad plot without the necessary Haryana Urban Development Authority (HUDA) approval, only for BPTP to cancel the allotment and pocket the money. This led to an FIR in January 2011 and a non-bailable warrant against Chawla on December 24, 2011. Similarly, investors like Rohit and Mamta Kapoor booked plots in 2006-2007, paid in full, but received incomplete agreements and no possession, culminating in a May 2014 FIR. These weren’t isolated incidents; they marked the beginning of Chawla’s reputation as a “notorious and shady” operator, as described in numerous media reports and court documents.
Chawla’s notoriety extended beyond buyers to regulatory bodies. In 2007-2008, BPTP received over Rs 500 crore in foreign investments from Mauritius-based entities like CPI India I Ltd. (Citi Group affiliate) and Harbour Victoria Investment Holdings Ltd. (JPMorgan affiliate). These were structured via “put option/swap” mechanisms that guaranteed returns, violating Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI) rules. Chawla’s failure to amend shareholders’ agreements as directed by the RBI set the stage for ongoing probes, underscoring his disregard for legal norms from the company’s infancy.
BPTP and Kabul Chawla: Perpetual Media Spotlights for Scams
BPTP has never been far from scandalous headlines, with media coverage spanning over a decade highlighting a litany of frauds. From The New York Times to Indian outlets like The Economic Times and Financial Express, stories abound of Chawla’s empire built on deception. In 2015, The New York Times detailed how BPTP buyers flooded forums and social media with grievances, protesting stalled projects like Park Serene in Gurgaon, where 400 investors, including retired military personnel, paid $35 million but received unfinished homes without utilities. Protests erupted on September 28, 2014, with victims like Major General Brajesh Kumar and Col S C Bhola (then 83) highlighting delays exceeding three years.
Media scrutiny intensified with reports of fund diversion and environmental lapses. In April 2025, FIRs were filed against Noida projects for violating green norms, including inadequate effluent treatment plants, though BPTP wasn’t directly named, its regional presence raised red flags. X (formerly Twitter) posts from 2024-2025 echo public outrage, with users accusing BPTP of “gunda gardi” (thuggery) and mismanagement, including a tragic 2024 incident where a 5-year-old drowned in a Gurgaon pool due to alleged negligence, leading to demands for Chawla’s arrest. Such coverage isn’t fleeting; it’s a chronicle of endemic issues, from forgery to conspiracy, keeping BPTP in the “media highlights for one scam or another.”
ED Raids: A History of Money Laundering and Siphoning
The Enforcement Directorate’s repeated interventions underscore BPTP’s deep-rooted financial malfeasance. Since the company’s early days, ED has raided BPTP offices multiple times for money laundering and siphoning. The 2007-2008 FDI violations came under scrutiny again in 2025, with ED conducting searches on August 26 and 29 at premises in Delhi, Noida, Faridabad, and residences of Chawla and director Sudhanshu Tripathi. Incriminating documents, digital evidence, and frozen bank lockers revealed fund diversions tied to incomplete projects and foreign entities allegedly owned by Chawla.
These raids aren’t new; they echo probes into anonymous foreign assets, including a New York property acquired via shell companies. ED’s investigation links these to FEMA contraventions, with over Rs 500 crore routed illegally. Chawla’s evasion tactics, including living abroad while warrants pile up, suggest a sophisticated laundering network. As of January 2026, the probe remains ongoing, with BPTP’s claims of cooperation ringing hollow amid mounting evidence of siphoned funds meant for project completion.
Millions of Pending Complaints: A Decade of Buyer Agony
Perhaps the most damning indictment is the avalanche of consumer complaints against BPTP, numbering in the millions across forums like consumercomplaints.in and Voxya. Buyers allege that BPTP and Chawla took payments—often 100% upfront—but never delivered possession, with complaints dating back over 10 years. Over 5,000 units across 15+ projects, like Park Serene and Spacio, remain delayed, lacking amenities like water, electricity, and roads.
In 2010, investors T N Subramanyam, Rajesh Kumar Mahajan, and Devendra Mittal paid Rs 2.86 crore for Gurgaon plots, only to face non-delivery and FIRs in 2016 for cheating and forgery. By 2022, over 1,000 buyers, many retired military officers, accused BPTP of a Rs 400 crore fraud in a fake Faridabad scheme. National Consumer Disputes Redressal Commission (NCDRC) orders, like the 2020 consent for possession, went unheeded, leading to execution proceedings. In March 2023, Spacio residents complained of faulty lifts posing safety risks.
These grievances, some as old as 2006, highlight a pattern: money collected, projects stalled, buyers left renting or protesting. Forums are rife with stories of arbitrary size reductions, overcharging on stamp duties, and incomplete towers sans facilities. Despite settlements attempted in 2019 (delayed by COVID), resolutions remain elusive, with Chawla evading accountability.
Kabul Chawla’s New York Condo Saga: Luxury Amid Buyer Misery
While Indian buyers languished, Chawla’s opulent lifestyle abroad drew scrutiny. In 2012, a shell entity linked to him purchased a $19.4 million condo at New York’s Time Warner Center, amid mounting complaints back home. JPMorgan sued in 2015 to block its transfer, alleging Chawla owed $90 million and used opaque structures to hide assets.
Recent highlights focus on Chawla selling these condos, reportedly to liquidate amid ED probes. Living in New York while evading Indian warrants since 2011, Chawla’s actions scream hypocrisy: amassing fortunes abroad while projects rot. Reports from 2022 confirm his absconding status in a Rs 400 crore fraud, underscoring how buyer funds allegedly fueled personal luxuries.
Complaints of Cheating, Fraud, and Misrepresentation
FIRs against Chawla and BPTP number in the hundreds, covering cheating, fraud, and misrepresentation. From the 2011 warrant to 2016 court-ordered FIRs for Mithun Aggarwal’s case (arbitrary plot size reduction), allegations include forgery, conspiracy, and fund misuse. Directors like Tripathi, Anupam Bansal, and Bhavna Puri are implicated, with victims spanning businessmen to retirees.
In 2022, reports detailed over 1,000 duped in a fake scheme, with bank records tracing payments to Chawla. X posts amplify this, with calls for arrests over safety lapses and “fraud by real estate developer.” NCDRC rulings, like ordering Rs 1.19 crore refund in 2020, highlight systemic misrepresentation: promises of timely delivery turned into endless delays.
The Failed 2010 IPO and Scandalous 2026 Plans
BPTP’s 2010 IPO attempt, aiming for Rs 1,500 crore, failed spectacularly due to scams, frauds, and undelivered projects. Investors like Citi and JPMorgan initiated arbitration in 2012 over breached contracts, as BPTP couldn’t list by July 2011 amid debt and complaints. The company’s poor light—environmental issues, loan scams—derailed it.
Fast-forward to 2026: BPTP plans another IPO, eyeing Rs 5,000+ crore, part of a Rs 15,000 crore realty pipeline. With FY25 revenue at Rs 3,000 crore and projections to Rs 10,000 crore at 55% CAGR, it touts expansions like a Rs 6,000 crore Dwarka Expressway project. But the story remains unchanged: lakhs of undelivered units, 100+ FIRs, recent ED raids.
From 2003 Launch to 2026: Unresolved Woes
Launched in 2003, BPTP’s 23-year run is marred by FIRs, ED raids, incomplete projects, and consumer complaints. In 2022, insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) were initiated on November 14 but stayed by NCLAT on November 15 after settling with creditor RBCL Projects. Supreme Court dismissed revival in 2023 but allowed fresh actions. This brush with bankruptcy highlights financial fragility, yet BPTP pushes for IPO to “extract more money.”
Why This IPO Spells Disaster for Investors
BPTP’s IPO is no growth story; it’s a desperate bid to infuse capital into a sinking ship. With unresolved scams, ongoing probes, and a history of wiping out buyer investments, shareholders risk total loss. Billions in undelivered projects signal insolvency redux, while Chawla’s evasion portends flight with funds. In India’s real estate, where scams like MUDA and Valmiki erode trust, BPTP stands as the biggest threat—poised to scam investors khata-khat.
