Mumbai: Malad Police Arrested Three Real Estate Directors For ₹12 Crore Fraud
As per Malad police, an employee of Rishabraj Toughcons City Homes Private Limited, made a deal with 19 Malad Jai Amrit Housing Society members in October 2016, taking money from them to build houses for a redevelopment project.
Real Estate Company Directors Arrested For Rs 12 Crore Fraud In Malad | Representational Image
Mumbai: Malad Police registered a case against three directors of a real estate firm for reportedly defrauding 19 individuals of Rs 12.50 crore on October 2. The accused took a loan from a housing finance company in the names of 19 flat buyers, claiming it was for building flats for them, but rather than using the funds for the project, they misappropriated it for their own benefit.
FIR Lodged
The real estate agents, Prakshal Vanavat, Ranvijay Singh, and Rahul Jain have been charged by the police based on a complaint made by Krishna Gaud, a 44-year-old resident of Malad (West).
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Police Reports
According to police reports, Vanavat, employed by Rishabraj Toughcons City Homes Private Limited, made a deal with 19 Malad Jai Amrit Housing Society residents in October 2016. He received payment from them to build houses in a redevelopment scheme.
The 12 Crore Fraud
It is claimed that Vanavat, along with Singh and Jain, plotted to get a loan of Rs 12.50 crore from Reliance Home Finance. According to the police complaint, on November 21, 2017, the three individuals made an agreement with the finance company and listed 19 members of the housing society as borrowers when obtaining loans.
In the FIR, the complainant claimed that the three accused failed to repay the loan to the finance company, misused the loan funds for personal gain, violated the trust of the housing society members, and defrauded them.
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Citizens Involve Police
One of the 19 victims stated that the buyers received the apartments, but the loans remain unpaid in their names due to the accused person not repaying.
After continuously contacting the builders who were accused, the members of the housing society decided to go to the police and lodge a complaint in May 2024.
Case Transfer
The Malad police have charged the three suspects with sections 406, 420, and 34 of the Indian Penal Code and are verifying the truthfulness of the accusations against them. The Mumbai police EOW may take over the investigation of cases with fraud involving over Rs 10 crore, resulting in the transfer of the case.
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