Father-Son Duo Booked For Allegedly Cheating Textile Businessman Of ₹6 Crore In Chembur Redevelopment Project

Mumbai: The Mumbai police have registered an FIR against Suresh Chanchaldas Asrani, proprietor of Chanchaldas and Sons, and his son Abhishek Suresh Asrani for allegedly cheating a 63-year-old textile businessman of Rs6 crore by inducing him to invest in a redevelopment residential project in Mahul, Chembur.

Accused Allegedly Promised Double Returns

According to the complaint, the accused allegedly promised to double the investment within 14 months or provide 14 flats in the proposed Oceanic Tower project. However, the complainant, Vinod Sohanlal Jawar, claims that neither the promised returns nor the flats were delivered.

According to the FIR, Jawar, who resides with his family in Hiranandani Gardens, Powai, runs Dhanlaxmi Fabrics Limited, with an office at Parksite, Vikhroli West. He was introduced to Sheetal Magdum through Sheetal Manere. Magdum allegedly assured him that investing with construction professionals known to him would yield substantial profits.

Oceanic Tower Project Presented In 2015

In October 2015, Magdum and Krishna Mudaliar reportedly accompanied the Asranis to Jawar's office, where they introduced the Oceanic Tower redevelopment project at Mahul, City Survey No. 90, Chembur. The accused allegedly presented a building plan and offered to double the investment within 14 months.

As per the FIR, the accused also promised interest at 18 per cent for a delay of up to seven days beyond the stipulated repayment date, followed by interest at 36 per cent in case of further delay. Alternatively, they allegedly agreed to compensate the investor with flats if the repayment could not be made.

Written Undertaking Promised ₹12 Crore

On November 1, 2015, a written undertaking on the company's letterhead reportedly promised repayment of Rs12 crore against the principal investment of Rs6 crore by December 31, 2016. The document bore Abhishek Asrani's signature, the complaint states.

A sale agreement executed in October 2015 allegedly provided for 14 flats measuring 1,100 square feet each, totalling 15,400 square feet, along with car parking. The agreement also stated that the accused would bear the full cost of executing the sale deeds. A separate flat-allotment letter was reportedly issued.

₹6 Crore Transferred Through Bank

Trusting these assurances, Jawar transferred Rs6 crore from Dhanlaxmi Fabrics Limited's Kotak Mahindra Bank account in Dombivli East to the company's Federal Bank account.

When the repayment deadline expired without payment, Jawar visited the project site in January 2017 and found construction underway. Despite repeated follow-ups, the accused allegedly continued making assurances but failed to repay the amount or hand over the flats.

The complaint further states that the site now houses Chereswar Co-operative Housing Society Ltd. in Mahul, with construction reportedly completed up to seven floors and flats occupied by residents.

Following Jawar's complaint, Parksite police registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and initiated further investigation.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/