Real estate builder arrested for cheating flat buyers of Rs. 8 Crore

Real estate builder arrested for cheating flat buyers of Rs. 8 Crore

March 24, 2017


MUMBAI: The Economic Offences of Wing (EOW) of Mumbai police on Thursday arrested Millennium developers Mohankumar Suvarna for allegedly cheating flat buyers to the tune of Rs 7.6 crores.

Millennium developers director Suvarna (59) has been booked under various IPC sections of cheating, forgery, breach of trust and under the special Maharashtra Ownership Flat Act (MOFA).

Police said that Suvarna was produced before the Esplanade court which remanded him to police custody till March 29.

According to the EOW, the complaint in the case was filed by one Chandraprakash Shetty who was seeking to invest money in Suvarna's project in Tilak Nagar in Chembur. Shetty who works with Bharat Petroleum was lured to invest his hard earned money by one Ahmed Khan, who introduced Shetty to Suvarna. Survarna's company was redeveloping building no. 120 Radha-Madhav cooperative housing society in Tilak Nagar.

Police said Suvarna had taken the redevelopment project in 2010 by convincing its original tenants to give a bigger flats. He constructed flats for those tenants and he was to construct saleable but the building was never constructed.

“Shetty was told that if he paid 20 lakhs he would get a 900 square flat. Like Shetty as many as 29 aspirants looking to flats paid Suvarna tune to Rs 7.60 crores,'' said Shivaji Patil, assistant police inspector probing the case. Police said that Suvarna by illegal means accepted more than 20% as booking amount, did not make any agreements. And during the inquiries it transpired that accused builder had NOC from the MHADA but did not its premium.

Police said that they wanted to arrest Ahmed Khan who took a commission from the brokerage but he got anticipatory bail from the sessions court.

Police said that they have freezed Suvarna's bank accounts which has an amount of Rs 3.89 crore.

Source:- ET Realty


MUST WATCH