Nashik: Investors Allegedly Cheated Of Crores In NA Plot Scheme; MPID Case Registered Against Builders

Nashik: A major controversy has emerged in Nashik’s real estate sector after a case was registered under the Maharashtra Protection of Interest of Depositors (MPID) Act against several prominent builders and developers for allegedly cheating investors of crores of rupees by luring them with promises of developing and selling non-agricultural (NA) plots. The development has created a stir in the city, especially as leading builders and developers are already facing scrutiny in the widely discussed MHADA scam.

According to information received, complainant Advocate Hemant Suresh Satbhai lodged a complaint at Government Wada Police Station. Based on his complaint, police have registered a case against 11 individuals, including Jitendra Manohardas Thakkar, Kashmira Rajendra Shah, Anagha Yashwant Gujar, Babulal Manilal Shah, Rajesh Babulal Shah, Rohit Manilal Shah, Surendra Manilal Shah, Ashwin Govardhandas Jaspara, Rajendra Rasiklal Shah, and society office-bearers Sharad Kute and Bhaskar Anandrao Pawar.
The case pertains to the proposed layout of the Vakilnagar Cooperative Housing Society located on the old Survey Nos. 388 and 389 in Makhmalabad.

Satbhai stated that he became a member of the society in 1998. The accused builders, through their company Shubhashree Construction Pvt. Ltd., allegedly promised to develop NA plots and induced investors to purchase them. Satbhai paid the full amount for Plot No. 125, measuring 360 square yards, and received a Letter of Allotment. However, the accused allegedly failed to execute a legal sale deed despite repeated assurances.

The complaint further alleges that, in a conspiracy involving the builders and society office-bearers, the same plot was fraudulently sold to another individual, Madalsa Popatrao Deore, through a purported sale deed executed on December 24, 2020. The complainant has claimed that several other society members were similarly cheated.

Given the seriousness of the allegations and the registration of offences under the MPID Act, it is learnt that some of the prominent accused have already approached the court seeking anticipatory bail to avoid arrest. The case is expected to have significant ramifications for Nashik’s real estate sector.