Mumbai Fraud: FIR Registered Against Builder For Allegedly Cheating Elderly Investor Of ₹65.80 Lakh

Mumbai, Dec 31: The Nehru Nagar police have registered a case of alleged financial fraud amounting to Rs 65.80 lakh against Sanjay Dattatray Bhalerav, Director of S.D. Bhalerav Construction Pvt. Ltd. The case pertains to alleged cheating of an elderly investor by promising a flat or higher returns on investment.

Complaint filed on behalf of elderly investor
According to the police, the complaint has been filed by Bipinchand Leelachand Shah, 74, a farmer and resident of Valsad, Gujarat, on behalf of his elder brother Jayantilal Shah, 84. Based on the complaint, an FIR has been registered under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita (BNS) Act, and further investigation is underway.

Power of attorney executed after religious initiation
As per the FIR, Jayantilal Shah had taken Jain religious initiation (diksha) in 2016 and had executed a power of attorney in favour of his brother Bipinchand Shah, transferring all rights related to his property and financial dealings. Prior to that, in 2013, Jayantilal Shah decided to invest money in Mumbai through an agent, Vasant Bothra, who introduced him to Sanjay Bhalerav.

Investment made in Kurla housing project
Bhalerav allegedly informed Jayantilal Shah that a construction project, Building No. 58, Sai Krupa Housing Society, was underway at Nehru Nagar, Kurla (East), and persuaded him to invest in the project. On March 8, 2013, Jayantilal Shah transferred Rs 65.80 lakh to S.D. Bhalerav Construction Pvt. Ltd. via RTGS from his HDFC Bank account.

Promise of flat or higher returns allegedly unfulfilled
Bhalerav allegedly promised to either return Rs 89.48 lakh or provide Flat No. 605 (carpet area 692 sq. ft.) on the sixth floor of the said building in 2014. However, the construction work allegedly stopped midway, and neither the flat nor the promised amount with interest was delivered.

Alternate flat offered and sale deed executed
After repeated follow-ups, Bhalerav allegedly offered an alternative flat, Flat No. 405, in the same building. A registered sale deed for Flat No. 405 (fourth floor) was executed on May 14, 2015, at the office of the Sub-Registrar, Kurla, for which Jayantilal Shah paid Rs 3.80 lakh towards registration charges.

Flat allegedly sold to another buyer and mortgaged
Despite this, construction again came to a halt. When questioned, Bhalerav allegedly gave evasive responses. Later, in November 2018, it came to light that the same flat (No. 405) had already been sold by Bhalerav on October 12, 2018, to Seema Sunil Ghadge and Sunil Shankar Ghadge. The flat was allegedly mortgaged to Jagannath Co-operative Credit Society for a loan of Rs 50 lakh.

Also Watch:

Police initiate investigation after complaint
As neither possession of the flat was given nor the invested money returned despite repeated follow-ups, the complainant alleged that they were cheated. Subsequently, Bipinchand Shah lodged a formal complaint at the Nehru Nagar police station on behalf of his brother.

Police have initiated further investigation into the matter.

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