Investment Fraud in Mumbai: Kalyan Builder, His Three Partners Dupe Mazgaon Resident of Rs 12 Crore on Promise of Giving 44 Flats; Booked
In his complaint, Saifee said he invested Rs 15 crore in Sai Nirvana, a 23-storey tower constructed by the builder in Kalyan's Shahad neighbourhood. The Mazgaon resident invested the money when the accused were looking for an investor.
Mumbai, February 8: The Mumbai police recently booked a Kalyan-based builder and his partners for allegedly cheating a Mazgaon resident of Rs 12 crore. The incident came to light after the Economic Offences Wing (EOW) of the Mumbai Police registered a case against the well-known builder from Kalyan and three of his partners. The four have been accused of cheating a Mazgaon-based businessman.
The four accused have been identified as Manish Mutha (40), Vijay Sharma (35), Sharat Chhajed (42) and Bhushan Jain (39), reports the Hindustan Times. Mutha is a well-known builder whose family owns a jewellery store in Kalyan and is said to be associated with a political party. All four accused are reportedly said to be directors of Shanklesha Constructions. Mumbai Fraud News: Borivali Couple Duped of Rs 70.5 Lakh by Fake Forex Traders.
The incident came to light after Yusuf Saifee (52) lodged a case against the four accused at Byculla police station. Police officials said Saifee is a resident of Ghodapdeo in Mazgaon and is in the garments business. In his complaint, Saifee said he invested Rs 15 crore in Sai Nirvana, a 23-storey tower constructed by the builder in Kalyan's Shahad neighbourhood.
The Mazgaon resident invested the money when the accused were looking for an investor. As per the deal, Saifee was supposed to get 44 flats measuring a total of 40,000 square feet in return for his investment. He was supposed to get the flats at the rate of Rs 3,750 per square foot; however, the builder allotted only 10 flats to Saifee and sold the remaining 34 flats. Mumbai Shocker: Ragpicker Kills 70-Year-Old Woman With Stone in Kandivali To Loot Rs 3,000 She Saved, Arrested.
When Saifee learned he was cheated, he approached the Economic Offences Wing and filed a case against the accused. Acting on his complaint, the police booked the four accused under sections 429 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy) of the Indian Penal Code (IPC).
(The above story first appeared on LatestLY on Feb 08, 2024 11:21 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).