Mumbai Police's Economic Offences Wing (EOW) has registered a case of alleged cheating against fashion designer Ulka Nair. She is alleged to have taken ₹19.35 crore in the name of redevelopment of her house from the builder.
According to the information received from the EOW, the complainant Vaibhav Desai, 35, who is the director of Mangal Build Home Pvt Ltd, has given a complaint that in the year 2015. Meghraj Jain was the director of the company, when Ulka Chandrashekhar Nair came to his shop named Mangal Royals Jewel
Nair told Jain that she lives in Gunwant Villa in Versova and that that the place was 1,286.30 square meters and 4,407 square feet of construction work has been done on it. Nair told Jain that she wanted the property to be redeveloped. After this, Meghraj Jain and another director of the company, Akshay Kulkarni, inspected the property and went through the documents. It was learnt that the property vested in Nair via a gift deed given by her mother and that it was mortgaged for taking a loan of ₹ 7 crore.
On October 2016, Nair entered into an agreement with Mangal Build Home Pvt Ltd to redevelop the plot. An irrevocable Power of Attorney was prepared in November 2016 and it was registered at the sub-registrar's Office at Andheri and as per that all the rights related to the redevelopment were assigned to Mangal Build Home Pvt Ltd. The mortgage was transferred to another bank and the guarantors for this loan were Meghraj Jain and his brother Ajit.
Before the agreement was signed, Jain had transferred ₹ 4 crore to a bank account in the name of Ulka Creation. Director of Mangal Build, Vaibhav Desai, who is the complainant, said in 2016, over ₹19.35 crore was given to Nair.
Desai said as per the agreement, his company was to give ₹17 crore and 3,654 square feet of built up area to Nair. A 19-storey building was to be built on the plot, in which six floors were for podium parking and 13 floors for residential purposes.
All the paperwork related to redevelopment was done by the builder. In doing all these paperwork, the builder claimed to have spent ₹1.17 crore.
Desai told the police that as per the agreement Nair should have vacated the house as soon as she received ₹10 crore. She did not do so and instead sent a legal notice to Mangal Build Home.
When Free Press Journal contacted Ulka Nair she denied the allegation against her. "I have been summoned by the EOW and I will show all the documents to them. I have not cheated anyone."
Further investigation is on.
