Mumbai Crime: 2 Booked For ₹17.5 Crore Fraud In Pune Land Deal, Businessman Alleges Cheating

Mumbai, April 6: The Mumbai Police have registered a cheating case against Shildhar Shaktidhar Pandey and Varun Shildhar Pandey for allegedly defrauding a 68-year-old businessman of approximately Rs 17.5 crore under the pretext of a land deal in Pune.

Long-standing acquaintance and initial transactions

According to the FIR, the complainant, Atul Hiralal Shah, a resident of King’s Circle in Matunga (East) and director of Amar Tea Pvt. Ltd., had known the accused for the past 15–20 years. The accused are associated with real estate and construction firms, including Lifetime Projects and Lifetime Infrastructure.

In June 2012, the Pandeys allegedly approached Shah seeking financial assistance for their business. Trusting them, Shah transferred Rs 6.28 crore from his HDFC Bank account to the account of Lifetime Realty. The accused later repaid the principal amount along with Rs 85 lakh as returns, thereby gaining Shah’s confidence.

Proposed land deal and initial hurdles

In 2015, the accused allegedly proposed selling 7 acres of land from a 14-acre plot located in Charcholi Budruk, Pune. Shah visited the site and agreed to proceed with the transaction.

Legal documents were prepared through solicitor Ashok Bhogani; however, the deal could not materialise after it emerged that the land was registered in the name of a third party. The accused assured Shah that the land would soon be transferred to their family member, after which the deal could proceed.

Fresh deal and fund transfer

In 2020, the accused informed Shah that the land had been transferred to Varun Pandey’s name and offered to sell 5.5 acres for Rs 7.12 crore as per ready reckoner rates. Between April 30, 2020, and May 12, 2021, Shah transferred the full amount for the purchase.

Alleged fraud and complaint

However, the accused allegedly failed to transfer ownership of the land and instead used the funds for personal gain. When Shah sought updates, they allegedly gave evasive responses.

Shah later discovered that the current market value of the land is estimated at Rs 17.5 crore or more, prompting him to file a complaint alleging cheating of the same amount.

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Case registered, probe underway

Based on the complaint, the Kalachowki police station has registered a case against the accused under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act. Further investigation is underway.

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