Pune: Phoenix Mills Chairman Atul Ruia Named Accused In ₹25 Crore Real Estate Cheating Case

Atul Ashok Ruia, Chairman of The Phoenix Mills Limited, has been named as an accused in a ₹25 crore real estate cheating case linked to the East Court Phoenix Market project in Pune's Viman Nagar.

The case has been registered on the basis of a complaint filed by Kishor Balram Nichani, who alleged that buyers of commercial units in the project were systematically cheated despite making full payments.

According to the FIR, the complainants purchased units on November 8, 2012, but were later delivered premises with a reduced carpet area than what was promised at the time of sale.

The complaint further alleged that buyers were misled with false assurances of terrace access, while being subjected to excessive Common Area Maintenance (CAM) charges. Kishor also claims that the developer carried out deviations from the approved construction plans without obtaining the consent of the purchasers.

Additionally, he alleged that the developers failed to secure completion certificates, did not form a cooperative society, and did not execute conveyance deeds, effectively leaving the buyers without clear legal ownership of their properties.

Apart from Atul Ruia, several other individuals have been named as accused in the case, including Gayatri Atul Ruia and senior executives associated with the project. The total financial loss suffered by investors is approximately ₹25 crore.

Govind Jadhav, Senior Police Inspector of Viman Nagar Police Station, speaking to The Free Press Journal, said that the complaint has been filed as per court orders. "However, commenting on the matter would be premature as the allegations are part of the investigation, and further legal procedures will be undertaken accordingly," he added.